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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
Question # 2
A rise in supply and demand in equal proportion will result in
Question # 3
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Question # 4
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 5
An increases in the price of mutton provides information which
Question # 6
If price is set above equilibrium level, there will be
Question # 7
When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.
Question # 8
Market equilibrium means a situation where
Question # 9
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Question # 10
A change in price brings in quantity supplied. it will be.
Question # 11
Demands and supply curves cross at
Question # 12
One of the following is not an assumption of law of supply.
Question # 13
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
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
When the supply curve of a product is parallel to the vertical axis, it would mean that;
Question # 17
When demand is perfectly elastic, an increase in supply will result in
Question # 18
Price of a product is determined in a free market
Question # 19
The price and sales of sugar both increase. What could be the cause of this?
Question # 20
In case of a fall in 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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M M.Attiq-U-Rehman 24 - Nov - 2023 04 Min 28 Sec 16/20 -
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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 | 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
|
| 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 | 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
|
| 4 | 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
|
| 5 | Demands and supply curves cross at |
A. always at 60 degree
B. at 90 degree
C. at equal angle
D. at any angle
|
| 6 | Which one will be termed as supply of a product. |
A. One tone potato in cold storage
B. One ton rice offered for sale in market
C. One ton rice brought for sale in market at a certain price.
D. None of the three
|
| 7 | 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
|
| 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 | Market Price of Perishable |
A. Commodities
B. Utility
C. Consumer
D. None of these
|
| 10 | 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
|
Test Questions