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

ICS Part 1 Economics Chapter 6 Test

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ICS Part 1 Economics Chapter Wise Test

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"

  • Total Questions20

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Economics Ics Part 1 English Medium Chapter 6 Online Test

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Question # 1

A fall fall in supply will take place due to a:

Question # 2

If we know that quantities bought and sold are equal, we can conclude that

Question # 3

When price is fixed below equilibrium level, there will be

Question # 4

Markets where firms supply goods and services demanded by households are

Question # 5

Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is

Question # 6

Market Price of Perishable

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

When the supply curve of a product is parallel to the vertical axis, it would mean that;

Question # 9

A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.

Question # 10

If equilibrium price rises but equilibrium quantity remains unchanged, the cause is

Question # 11

Demand and supply forces determine market price

Question # 12

If price is set above equilibrium level, there will be

Question # 13

One of the following is not an assumption of law of supply.

Question # 14

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 # 15

Which one will be termed as supply of a product.

Question # 16

Demands and supply curves cross at

Question # 17

Market equilibrium means a situation where

Question # 18

Perfectly inelastic supply curve is:

Question # 19

Equilibrium

Question # 20

In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then

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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 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
3 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
4 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
5 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
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 Market equilibrium means a situation where
A. Qs= Qd
B. Qs= Qp
C. Qd= Qp
D. Qq= Qp
8 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
9 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
10 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

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