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

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Principles of Economics Icom Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 If the rate of change in price and quantity supplied is equal then: Es = 0 Es = 1 Es > 1 Es < 1
2 If quantity supplied changed in response to change in price, is known as: Ed Es More Elastic Less Elastic
3 When price increases, supply: Contracts Expands Remains fixed Becomes zero
4 When price decreases, supply: Contracts Expands Remains fixed Becomes zero
5 If price decreases but supply remains constant, it is called: Fall in supply Contraction in supply Expansion in supply Rise in supply
6 If price increases but supply remains constant, it is called: Fall in supply Contraction in supply Expansion in supply Rise in supply
7 When supply decreases due to fall in price, it is called: Fall in supply Contraction in supply Expansion in supply Rise in supply
8 When supply increases due to rise price, it is called: Fall in supply Contraction in supply Expansion in supply Rise in supply
9 The relationship between price and quantity supplied is: Inverse Positive Infinite Zero
10 Stock means the quantity: Sold in market Which is offered for sale Which exist in warehouse Of total production
11 Supply curve slope is: Positive Vertical Negative Horizontal
12 Quantity of a commodity which is offered for sale in a market is called: Trade Supply Demand Stock
13 If 50% change in demand in response of 30% change in price then: Elasticity of demand = 1 Elasticity of demand < 1 Elasticity of demand > 1 Elasticity of demand = 0
14 If 50% change in demand in reposne of 50% change in price then: Elasticity of demand = 1 Elasticity of demand < 1 Elasticity of demand > 1 Elasticity of demand = 0
15 If demand did not influence by the charge in price, that is called: Elasticity of demand = 1 Elasticity of demand < 1 Elasticity of demand > 1 Elasticity of demand = 0
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