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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
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Question # 1
One of the following is not an assumption of law of supply.
Question # 2
Which one will be termed as supply of a product.
Question # 3
An increases in the price of mutton provides information which
Question # 4
When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.
Question # 5
Market equilibrium means a situation where
Question # 6
The price and sales of sugar both increase. What could be the cause of this?
Question # 7
Demand and supply forces determine market price
Question # 8
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
Question # 9
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Question # 10
A decrease in demand causes the equilibrium price to
Question # 11
A rise in supply and demand in equal proportion will result in
Question # 12
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
Question # 13
If we know that quantities bought and sold are equal, we can conclude that
Question # 14
Market Price of Perishable
Question # 15
If equilibrium price rises but equilibrium quantity is unchanged, the cause is
Question # 16
Extension of supply will take place as a consequence of:
Question # 17
A change in price brings in quantity supplied. it will be.
Question # 18
Demands and supply curves cross at
Question # 19
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Question # 20
When the price of a product increase by 100 percent and as a consequence, its quantity supplied increase by 125 percent, Its elasticity of supply will be.
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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ICS Part 1 Economics Chapter 6 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Demand and supply forces determine market price |
A. only in perfect competition
B. only in monopoly market
C. in both markets
D. none of the above
|
| 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 | Demands and supply curves cross at |
A. always at 60 degree
B. at 90 degree
C. at equal angle
D. at any angle
|
| 4 | 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
|
| 5 | 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
|
| 6 | Markets where firms supply goods and services demanded by households are |
A. factor market
B. product market
C. open markets
D. resource markets
|
| 7 | 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
|
| 8 | 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
|
| 9 | 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
|
| 10 | A rise in supply and demand in equal proportion will result in |
A. increase in equilibrium price and decrease in equilibrium quantity
B. decreases in equilibrium price and increases in equilibrium quantity
C. no change in equilibrium price and increases in equilibrium quantity
D. increases in equilibrium price and no change in equilibrium quantity
|
Test Questions
