11th class Principles of Economics chapter 3 online mcq test with answers for I.Com part 1 Principles of Economics chapter 3(Demand and Supply)

Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test

Sr. #	Questions	Answers Choice
1	Supply curve shifts due to better technique of production	Rightward Leftward Does not change Vertical
2	Vertical supply curve means	Same quantity supplied at differented price Different quantities supplied at one price Different quantities supplied at different prices None of three
3	Shape of market supply curve is	Horizontal or parallel to ox curve Vertical or parallel to oy curve Positively sloping Negatively sloping
4	Supply of perishable goods e.g. groceries, fruit, meat etc is	Less elastic More elastic Perfectly inelastic Perfectly elastic
5	If supply goes on increasing due to a slight increase in price, then elasticity of supply is called	Zero Infinite Equal to unity More than unity
6	If supply does not change despite a change in price, then elasticity of supply is called	Equal to unity Less than unity More than unity Zero
7	If the percentage change in supply is more than the percentage change in price, then elasticity of supply is called	Equal to unity Less than unity More than unity Infinite
8	If percentage change in supply is less than the percentage change in price, then elasticity of supply is called	Equal to unity Less than unity More than unity Zero
9	Unity method to measure elasticity of supply is presented by	Adam Smith Robbins Marshall Faruson
10	Elasticity of supply is the name of	Change in price Change in income Feature of change in supply Change in price and income
11	When supply changes due to other factors besides price, it is called	Rise of supply Fall of supply Rise and fall of supply Extension and contraction of supply
12	If price of a commodity constant but its supply increases or price decreases but supply remains constant, it is called	Rise of supply Fall of supply Extension of supply Contraction of supply
13	If price of a commodity remains constant but its supply decreases or price increases but supply remains constant, it is called	Rise of supply Extension of supply Fall of supply Contraction of supply
14	When supply increases due to other factors besides price, it is called	Extension of supply Contraction of supply Rise of supply Fall of supply
15	If supply decreases due to decrease in price, it is called	Extension of supply Contraction of supply Rise of supply Fall of supply

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