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6th Chapter

ICS Part 1 Economics Chapter 6 MCQs Test

First Year Economics Chapter 6 Online MCQ Test for 1st Year Economics Chapter 6 (Market Equilibrium)

This online test contains MCQs about following topics:

Determination of Market Pice ,Changes in Demand and Supply Cinditions ,Market Price ,Normal Price

First Year Economics Chapter 6 Online MCQ Test for 1st Year Economics Chapter 6 (Market Equilibrium)

Sr. # Questions Answers Choice
1 Extension of supply will take place as a consequence of:
  • A. Change in price
  • B. Change in population
  • C. Change in technology
  • D. Change in money supply
2 Perfectly inelastic supply curve is:
  • A. Parallel to vertical axis
  • B. Parallel to horizontal axis
  • C. Rises upward to the right
  • D. Falls downward to the right
3 If we know that quantities bought and sold are equal, we can conclude that
  • A. quantities demanded and supplied are also equal
  • B. the market is in equilibrium
  • C. there will be no tendency for a price change
  • D. all of the above
4 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
5 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
6 Demands and supply curves cross at
  • A. always at 60 degree
  • B. at 90 degree
  • C. at equal angle
  • D. at any angle
7 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
8 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
9 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
10 If price is set above equilibrium level, there will be
  • A. surplus commodity in the market
  • B. shortage of commodity in the market
  • C. supply curve will shift
  • D. demand curve will shift

Top Scorers of Economics Ics Part 1 English Medium Chapter 6 Online Test

H

Hanif Wazir

Lahore30 - May - 2022

19/20
06 Mins 36 Sec
H

Hamza Abid

Abbottabad21 - May - 2022

12/20
10 Mins 50 Sec

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