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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
An increases in the price of mutton provides information which
Question # 2
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.
Question # 3
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
Question # 4
When the supply curve of a product is parallel to the vertical axis, it would mean that;
Question # 5
One of the following is not an assumption of law of supply.
Question # 6
Equilibrium
Question # 7
When price is fixed below equilibrium level, there will be
Question # 8
Extension of supply will take place as a consequence of:
Question # 9
When demand is perfectly elastic, an increase in supply will result in
Question # 10
In case of a fall in supply.
Question # 11
A change in price brings in quantity supplied. it will be.
Question # 12
Markets where firms supply goods and services demanded by households are
Question # 13
If equilibrium price rises but equilibrium quantity is unchanged, the cause is
Question # 14
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Question # 15
Demand and supply forces determine market price
Question # 16
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 17
A fall fall in supply will take place due to a:
Question # 18
Market Price of Perishable
Question # 19
Perfectly inelastic supply curve is:
Question # 20
Market equilibrium means
ICS Part 1 Economics Chapter 6 MCQs Test
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ICS Part 1 Economics Chapter 6 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | 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
|
| 3 | 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
|
| 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 price is fixed below 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
|
| 6 | 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
|
| 7 | 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
|
| 8 | 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
|
| 9 | Demands and supply curves cross at |
A. always at 60 degree
B. at 90 degree
C. at equal angle
D. at any angle
|
| 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
|
Test Questions