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

ICS Part 1 Economics Chapter 6 Test

Start Chapter 6 Test

First Year Economics Chapter 6 Online MCQ Test for 1st Year Economics Chapter 6 (Market Equilibrium)

Sr. # Questions Answers Choice
1 One of the following is not an assumption of law of supply.
  • A. Political system should not changed
  • B. Cost of production should not changed
  • C. Production technique should not changed
  • D. Cost of raw material should not changed
2 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
3 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
4 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.
  • A. Less than unity
  • B. Greater than unity
  • C. Equal to unity
  • D. Equal to zero
5 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
6 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
7 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
8 Market Price of Perishable
  • A. Commodities
  • B. Utility
  • C. Consumer
  • D. None of these
9 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
10 Markets where firms supply goods and services demanded by households are
  • A. factor market
  • B. product market
  • C. open markets
  • D. resource markets

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