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This online test contains MCQs about following topics:
Determination of Market Pice ,Changes in Demand and Supply Cinditions ,Market Price ,Normal Price
MCQ's Test For Chapter 6 "Economics Ics Part 1 English Medium Chapter 6 Online Test"
Try The MCQ's Test For Chapter 6 "Economics Ics Part 1 English Medium Chapter 6 Online Test"
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Total Questions20
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Time Allowed30
Economics Ics Part 1 English Medium Chapter 6 Online Test
00:00
Question # 1
Market equilibrium means a situation where
Question # 2
Extension of supply will take place as a consequence of:
Question # 3
Which one will be termed as supply of a product.
Question # 4
Perfectly inelastic supply curve is:
Question # 5
A rise in supply and demand in equal proportion will result in
Question # 6
Markets where firms supply goods and services demanded by households are
Question # 7
The price and sales of sugar both increase. What could be the cause of this?
Question # 8
When demand is perfectly elastic, an increase in supply will result in
Question # 9
Demands and supply curves cross at
Question # 10
If price is set above equilibrium level, there will be
Question # 11
A decrease in demand causes the equilibrium price to
Question # 12
Market Price of Perishable
Question # 13
Demand and supply forces determine market price
Question # 14
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
Question # 15
Equilibrium
Question # 16
An increases in the price of mutton provides information which
Question # 17
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 18
If we know that quantities bought and sold are equal, we can conclude that
Question # 19
A change in price brings in quantity supplied. it will be.
Question # 20
One of the following is not an assumption of law of supply.
ICS Part 1 Economics Chapter 6 MCQs Test
Top Scorers Of Chapter 6 "Economics Ics Part 1 English Medium Chapter 6 Online Test" MCQ`s Test
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R romana 16 - Apr - 2021 20 Min 40 Sec 20/20 -
J javeria naeem 12 - Aug - 2018 04 Min 15 Sec 19/20 -
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N nazakat hussain 22 - Apr - 2019 05 Min 35 Sec 13/20
ICS Part 1 Economics Chapter 6 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | A fall fall in supply will take place due to a: |
A. Business collusion
B. Bumper crop
C. Fall in custom duty
D. Fall in income
|
| 2 | In case of a fall in supply. |
A. Quantity supplied falls at the same price.
B. Quantity supplied rises at the same price.
C. Quantity supplied remain at the lower price.
D. None of the three
|
| 3 | Market equilibrium means |
A. number of buyers and sellers are equal
B. demand and supply of commodity are equal
C. no price is changing
D. prices rise very slowly
|
| 4 | With an increase in cost of production, price of the product rises while supply of the product will. |
A. Fall
B. Rise
C. Remain unchanged
D. Non of the three
|
| 5 | Market equilibrium means a situation where |
A. Qs= Qd
B. Qs= Qp
C. Qd= Qp
D. Qq= Qp
|
| 6 | Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is |
A. a shortage
B. a surplus
C. excess supply
D. loss
|
| 7 | An increases in the price of mutton provides information which |
A. tells consumers to buy more mutton
B. tells consumers to buy more chicken
C. tells producers to produce more mutton
D. b and c of above
|
| 8 | Price of a product is determined in a free market |
A. by demand for the product
B. by supply of the product
C. by both demand and supply
D. by the government
|
| 9 | When demand is perfectly elastic, an increase in supply will result in |
A. decrease in quantity sold
B. increase in quantity sold
C. fall in price
D. b and c above
|
| 10 | When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be. |
A. Equal to unity
B. Less than unity
C. Equal to zero
D. Greater than unity
|
Test Questions