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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers
Question # 1
The quantity of commodity which exists in warehouse (stock) of the seller is called
Choose an answer
Supply
Demand
Stock
All of these
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Question # 2
Degree of change in quantity supplied due to change in price is called
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Extension of supply
Rise of supply
Elasticity of supply
None of three
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Question # 3
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 # 4
If demand curve is parallel to y-axis, then elasticity of demand is
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Equal to unity
More than unity
Less than unity
Zero
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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 same amount of good is supplied at higher price, it is called
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Expansion of supply
Contraction of supply
Fall in supply
Rise in supply
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Question # 7
The cause of rise and fall of demand is
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income
price
population
Both 1st and 3rd
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Question # 8
The rate of change in Qd due to change in price is called:
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Rise in demand
Income Elasticity of demand
Price Elasticity of demand
Cross Elasticity of demand
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Question # 9
Elasticity of supply if perishable goods is
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Equal to unity
More than unity
Less than unity
Zero
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Question # 10
Unitary method is also known as:
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Total revenue
Total satisfaction
Total utility
Total expenditure
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Question # 11
When there is big change in demand and price of a commodity, it is called
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Point elasticity
Arc elasticity
Cross elasticity
Income elasticity
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Question # 12
Under certain conditions, slope of demand curve is
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Negative
Positive
Zero
Fixed
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Question # 13
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 # 14
Flux method is also known as:
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Percentage method
Unitary method
Total expenditure method
All of them
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Question # 15
Id demand changes by less than 10% due to 10% change in price, then elasticity of demand is called
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Equal to unity
More than unity
Less than unity
Infinite
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Question # 16
If the total expenditure of the consumer does not change due to increase or decrease (change) 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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