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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers
Question # 1
What is meant by demand for a commodity in economics
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To desire for a commodity
To have power to buy
To have power to buy a commodity with desire
Quantity of a commodity
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Question # 2
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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Question # 3
If the total expenditure of the consumer decreases due to decrease in price, then nature of elasticity of demand will be
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Equal to unity
Less than unity
More than unity
Elasticity of demand = zero
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Question # 4
If the percentage change in supply is more than the percentage change in price, then elasticity of supply is called
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Equal to unity
Less than unity
More than unity
Infinite
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Question # 5
Some inferior goods having expensive substitutes are known as:
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Economic goods
Giffen goods
Non-economic goods
Free goods
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Question # 6
Increasing function of price is
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Demand
Supply
Utility
Cosnsumption
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Question # 7
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 # 8
Vertical supply curve means
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Same quantity supplied at differented price
Different quantities supplied at one price
Different quantities supplied at different prices
None of three
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Question # 9
Relationship between price and quantity demanded is called
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Demand schedule
Demand curve
Law of demand
Assumptions of law of demand
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Question # 10
When supply curve shifts leftwards or up, it is called
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Rise of supply
Fall of supply
Extension of supply
Contraction of supply
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Question # 11
Demand for luxuries in
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Les elastic
More elastic
Perfectly elastic
Perfectly inelastic
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Question # 12
Which one is not condition of perfect competition
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Homogeneity of good
Difference in price of good
Large number of buyers and sellers
Perfect knowledge of market
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Question # 13
If demand does not change, then due to fall of supply
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Equilibrium price increases
Equilibrium price decreases
Equilibrium quantity increases
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Question # 14
If the ratio of change in demand is less than the ratio of change in price, elasticity of demand will be
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More than unity
Less than unity
Equal to unity
Zero
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Question # 15
Second name of unitary method is
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Method of total satisfication
total expenditure method
total revenue method
Both 2nd and 3rd
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Question # 16
Cause of positive slope of supply curve
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Change in cost of production
Fear of increase in cost of production and decrease in profit
Change in technique of production
Increase in per unit profit due to increase in price
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