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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 In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
  • A. price will fall
  • B. price remains same
  • C. price will rise
  • D. quantity rises
2 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
3 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
4 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
5 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
6 If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
  • A. supply and demand both increase equally
  • B. supply and demand both decrease equally
  • C. supply decreases and demand increases
  • D. supply increases and demand decreases
7 The price and sales of sugar both increase. What could be the cause of this?
  • A. a decrease in the income of the consumers.
  • B. a decrease in the tax on sugar
  • C. An increase in the wages of workers in the sugar industry
  • D. An increase in the price of sugar substitutes
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 If equilibrium price rises but equilibrium quantity is unchanged, the cause is
  • A. supply and demand both increase equally
  • B. supply and demand decrease equally
  • C. supply curve is vertical and demand increases
  • D. supply increases and demand is same
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

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

Z

Zaina Ch

Lahore10 - May - 2024

15/20
02 Mins 07 Sec

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