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 Equilibrium means the condition that is not possible an unstable condition a condition that can change stable position
2 In which direction demand and supply curves move Same Opposite parallel Horizontal
3 When demand and supply rise equally then equilibrium price isles is more Remains the source Zero
4 Regarding time element, the normal price has types One Two Three Four
5 Which one is not condition of perfect competition Homogeneity of good Difference in price of good Large number of buyers and sellers Perfect knowledge of market
6 At equilibrium price, demand and supply Increase Become equal Decrease are different
7 That particular price below which price the seller is not ready to sell his commodity, is called Market price Normal price Reserve price All the three
8 The price at which entrepreneur has a sufficient time to meet the demand, is called Market price Normal price Reserve price Normal price
9 Price determined with the equilibrium of demand and supply on some day Short period price Long period price Market price Normal price
10 Usually market price is ____________ normal price Equal to Less than More than None of these
11 Market equilibrium is determined when Demand = supply Demand > supply Demand < supply Demand = zero
12 Who does determine the reserve price Buyer Seller Government District adminitration
13 If demand and supply both fall in the same proportion Equilibrium price increases Equilibrium price decreases Equilibrium price does not change Equilibrium quantity increases
14 If demand falls more proportionately then that of supply then Equilibrium price increases Equilibrium price decreases Equilibrium price does not change Equilibrium quantity increases
15 If demand and supply both rise in the same proportion, then Equilibrium price decreases Equilibrium price does not change Equilibrium price increases Equilibrium quantity decreases
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