11th Class ICom Part 1 Principles of Economics Chapter Wise Online MCQ Test With Answers PDF English Medium

Principles of Economics Icom Part 1 English Medium Online Test

Sr. #	Questions	Answers Choice
1	In the market period supply is:	Variable Fixed Zero Positive
2	When demand and supply rise in equal propoertion, the equilibrium price will:	Fall Rise Constant None of those
3	Supply of the one of the following is not fixed:	Vegetable Fruit Milk Motor bike
4	Supply is Fixed of:	Perishable goods Free goods Durable goods Substitute goods
5	When Demand > Supply it will be:	Shortage Less supply More demand Surplus
6	Equilibrium price is determined in.	Perfect market Imperfect market Monopoly None of these
7	Supply curve of perishable goods is:	Horizontal Vertical Infinite All of them
8	Price of perishable goods is determined in:	Very short period Very long period Day to Day Both (a) and (c)
9	Equilibrium price is determined where:	D = S D > S D < S Both (b) and (c)
10	Market equilibrium take place where:	D = S D > S D < S Both (b) and (c)
11	In case of horizontal supply curve, Es is:	Mero than unity Less than unity Zero Infinite
12	Perfectly inelastic supply curve is:	Vertical Rise upward Horizontal Fall downward
13	Causes of shifting in supply curve is:	Change in technique Change in cost Change in tax All of them
14	If 30% change in supply in response to 50% change in price then:	Es = 0 Es = 1 Es > 1 Es < 1
15	If 50% change in supply in response to 50% change in price then:	Es = 0 Es = 1 Es > 1 Es < 1