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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers
Question # 1
If supply curve is vertical (parallel to y-axis), then elasticity of supply is
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Zero
Infinite
Equal to unity
More than unity
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Question # 2
Regarding time element, the normal price has types
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One
Two
Three
Four
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Question # 3
If supply does not change, then due to rise of demand
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Equilibrium price increases
Equilibrium price decreases
Equilibrium price does not change
Equilibrium quantity decreases
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Question # 4
One of the following is not substitute good:
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Mobile and charger
Petrol and CNG
Burger and Shawarma
Both b & c
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Question # 5
Supply of perishable goods is
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More elastic
less elastic
Perfectly inelastic
infinite elasticity of supply
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Question # 6
If demand does not change, despite a fall in price, is called
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Fall of demand
Rise of demand
Contraction of demand
Extension of demand
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Question # 7
Demand for the commodities whose use can be postponed is
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Less elastic
More elastic
Perfectly inelastic
infinitely elastic
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Question # 8
If quantity demand changes due to the change in income, it is called:
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Point Elasticity of demand
Arc Elasticity of demand
Income Elasticity of demand
Price Elasticity of demand
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Question # 9
Reserve price of a commodity is that price
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Which is more than the cost of production of the seller
At which the seller sells his commodity tn the market
Which is equal to the cost of production of the seller
Below which the seller is not ready to sell his commodity
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Question # 10
If demand decreases by 10% due to 10% increase in Price, then elasticity of demand is
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Equal to unity
More than unity
Less than unity
Zero
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Question # 11
The supply curve of Fish is
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More elastic
Less elastic
Inelastic
Infinite elastic
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Question # 12
With an increase in the price of any good its substitutes will have
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a fall in its price
an increase in its prices
an increase in its demand
a decrease in its price
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Question # 13
Finance minister imposes tax on the goods having more elastic demand
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At low rate
At high rate
At the same rate
At zero rate
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Question # 14
Market equilibrium is attained when there exists in the market
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Perfect competition
Imperfect competition
Monopoly
Large quantity of commodity comes in the market
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Question # 15
The equilibrium of the market is that demand and supply to each other are
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opposite
positive
equal
negative
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Question # 16
Quantity of a commodity which a person is ready to purchase at a particular price, is called
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Individual demand
Market demand
Supply
Market Supply
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