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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers
Question # 1
Quantity of a commodity which the consumers are ready to purchase at a particular price, is called
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Demand
Supply
Stock
Demand and supply
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Question # 2
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 # 3
If two goods are complimentary, cross Elasticity of demand will be:
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Zero
Infinite
Positive
Negative
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Question # 4
If demand did not influence by the charge in price, that is called:
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Elasticity of demand = 1
Elasticity of demand < 1
Elasticity of demand > 1
Elasticity of demand = 0
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Question # 5
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 # 6
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 # 7
Demand for necessities of life is
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Les elastic
More elastic
Perfectly elastic
Perfectly inelastic
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Question # 8
If supply of a commodity changes by less than 10% due to a 10% change in its price, then elasticity of supply will be
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Equal to unity
More than unity
Less than unity
Zero
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Question # 9
When supply changes due to other factors besides price, it is called
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Rise of supply
Fall of supply
Rise and fall of supply
Extension and contraction of supply
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Question # 10
If supply does not change despite a change in price, then elasticity of supply is called
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Equal to unity
Less than unity
More than unity
Zero
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Question # 11
If quantity demanded for a commodity changes due to the change in income, it is called
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Price elasticity
Point elasticity
Cross elasticity
Income elasticity
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Question # 12
Demand for good like Television and VCR is
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Less elastic
More elastic
Perfectly inelastic
Infinitely elastic
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Question # 13
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 # 14
Demand for basic necessities of life is:
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Perfectly elastic
Less elastic
Perfectly inelastic
More elastic
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Question # 15
If demand curve is parallel to x-axis, then elasticity of demand is
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Infinite
Zero
Equal to unity
More than unity
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Question # 16
If supply decreases due to decrease in price, it is called
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Extension of supply
Contraction of supply
Rise of supply
Fall of supply
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