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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers
Question # 1
Elasticity of demand for durable goods is
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More elastic
Less elastic
Infinte
Zero
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Question # 2
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 # 3
The price at which entrepreneur has a sufficient time to meet the demand, is called
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Market price
Normal price
Reserve price
Normal price
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Question # 4
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 # 5
Price and demand has a relationship:
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Negative
Positive
Functional
Both a & c
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Question # 6
If demand does not change, despite a fall in price, is called
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Fall of demand
Rise of demand
Contraction of demand
Extension of demand
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Question # 7
If two goods are complimentary, cross Elasticity of demand will be:
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Zero
Infinite
Positive
Negative
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Question # 8
The term demand in economics means:
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Desire
Purchasing
Need
Both (a) and (b)
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Question # 9
Supply of perishable goods is
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More elastic
less elastic
Perfectly inelastic
infinite elasticity of supply
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Question # 10
Demand for the commodities whose use can be postponed is
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Less elastic
More elastic
Perfectly inelastic
infinitely elastic
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Question # 11
Shape of market supply curve is
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Horizontal or parallel to ox curve
Vertical or parallel to oy curve
Positively sloping
Negatively sloping
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Question # 12
When demand curve shifts rightward (or upward), it is called
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Rise of demand
Fall of demand
Extension of demand
Contraction of demand
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Question # 13
At equilibrium price, demand and supply
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Increase
Become equal
Decrease
are different
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Question # 14
When the price of a commodity increases but its demand does not change, this situation is called
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Constant demand
Fall of demand
Rise of demand
Contraction of demand
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Question # 15
If demand changes by 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
Movement on the same demand curve is called:
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Increase is demand
Rise and fall in demand
Decrease in demand
Expansions and contraction in demand
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