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

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

Sr. # Questions Answers Choice
1 Supply means total money of a specific producer Number of buyers quantity of goods offered for sale at different prices purchasing power of quantity supplied
2 By increasing the cost of production, the supply Extends contracts Falls Rises
3 Which one of the following is not included in the assumptions of law of supply taste of consumer cost of production Methods of production price of raw material
4 The quantity of commodity which exists in warehouse (stock) of the seller is called <div>Supply</div><div><br></div> Demand Stock All of these
5 Supply of goods depends on price income income and price utility
6 According to the law of supply, there is relation in price and supply Inverse Increasing Negative indirect
7 If supply curve is vertical (parallel to y-axis), then elasticity of supply is Zero Infinite Equal to unity More than unity
8 If supply curve is horizontal (parallel to x-axis) then elasticity of supply is Zero Infinite Equal to unity More than unity
9 In case of perfectly elastic supply or infinite elasticity of supply, supply curve is Horizontal (parallel to x-axis) Vertical (parallel to y-axis) Positive sloped Negative sloped
10 If supply of a commodity is fixed, it is called Market supply Short period supply Long period supply Middle period supply
11 Elasticity of supply if perishable goods is Equal to unity More than unity Less than unity Zero
12 Kinds of supply according to period of time are Two Three Four Five
13 When price decreases, supply Extends Contracts Becomes zero Remains fixed
14 Cause of movement along the supply curve is Change in price Other factors Change in tax Change in income
15 If supply of a commodity changes by more than 10% due to 10% change in its price, then elasticity of supply will be Equal to unity More than unity Less than unity Infinite
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