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	If supply of a commodity changes by less than 10% due to a 10% change in its price, then elasticity of supply will be	Equal to unity More than unity Less than unity Zero
2	If supply of a commodity changes by 10% due to 10% change in its price, then elasticity of supply will be	Equal to unity More than unity Less than unity Zero
3	Degree of change in quantity supplied due to change in price is called	Extension of supply Rise of supply Elasticity of supply None of three
4	According to law of supply, supply curve moves from left to right upward, this tendency is called	Positive Negative Horizontal Vertical
5	Cause of shifting of supply curve is	Change in price Other factors Change in tax Change in income
6	Supply of durable goods is	Elastic Perfectly elastic Perfectly inelastic Less elastic
7	When supply curve shifts leftwards or up, it is called	Rise of supply Fall of supply Extension of supply Contraction of supply
8	When supply curve shifts rightward or down it is called	Rise of supply Fall of supply Extension of supply Contraction of supply
9	A textile mill produces 2000 meters cloth. Entrepreneur offers 1500 meters cloth to sell at price Rs 100 per meter and 500 meters cloth keeps with him. Cloth kept by the entrepreneur is called	Total production Supply Stock Surplus production
10	Increasing function of price is	Demand Supply Utility Cosnsumption
11	Rise of supply can be shown with the help of	A supply curve More than one supply curves Fixed supply curve Vertical supply curve
12	If elasticity of supply is less than unity then extending supply curve downward, it passes through or crosses	y-axis x-axis Point of origin Becomes vertical
13	If elasticity of supply is equal to unity then extending supply curve downward, it passes through or crosses	y-axis x-axis Point of origin Becomes vertical
14	Formula method to measure elasticity of supply is related to	Marshall Robbins R.G.D Allen Flux
15	Quantity supplied of a commodity extends because	Population changes Change occurs in assumtions of law of supply Income of the entrepreneur increases Price of the commodity increases

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