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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 Market equilibrium means a situation where
  • A. Q<sub>s</sub>= Q<sub>d</sub>
  • B. Q<sub>s</sub>= Q<sub>p</sub>
  • C. Q<sub>d</sub>= Q<sub>p</sub>
  • D. Q<sub>q</sub>= Q<sub>p</sub>
2 Equilibrium
  • A. is a state that can never be achieved in economics
  • B. is an important idea for predicting economics changes
  • C. is a stable condition
  • D. is an unstable condition
3 Markets where firms supply goods and services demanded by households are
  • A. factor market
  • B. product market
  • C. open markets
  • D. resource markets
4 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
5 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
6 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
7 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
8 Market Price of Perishable
  • A. Commodities
  • B. Utility
  • C. Consumer
  • D. None of these
9 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
10 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

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

P

Pigeons Planet

Lahore12 - May - 2023

11/20
11 Mins 28 Sec

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