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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
If we know that quantities bought and sold are equal, we can conclude that
Question # 2
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
Question # 3
Market equilibrium means a situation where
Question # 4
When price is fixed below equilibrium level, there will be
Question # 5
Market equilibrium means
Question # 6
In case of a fall in supply.
Question # 7
Price of a product is determined in a free market
Question # 8
A rise in supply and demand in equal proportion will result in
Question # 9
Demand and supply forces determine market price
Question # 10
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Question # 11
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Question # 12
If equilibrium price rises but equilibrium quantity is unchanged, the cause is
Question # 13
When demand is perfectly elastic, an increase in supply will result in
Question # 14
Markets where firms supply goods and services demanded by households are
Question # 15
When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.
Question # 16
If price is set above equilibrium level, there will be
Question # 17
Which one will be termed as supply of a product.
Question # 18
One of the following is not an assumption of law of supply.
Question # 19
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 # 20
When the supply curve of a product is parallel to the vertical axis, it would mean that;
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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A Anum Fatima 19 - Jun - 2023 00 Min 08 Sec 20/20 -
R romana 16 - Apr - 2021 20 Min 40 Sec 20/20 -
J javeria naeem 12 - Aug - 2018 04 Min 15 Sec 19/20 -
U Unknown 02 - Aug - 2018 04 Min 59 Sec 19/20 -
H Hanif Wazir 30 - May - 2022 06 Min 36 Sec 19/20 -
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R romana 31 - Aug - 2018 17 Min 20 Sec 18/20 -
M Maheen 19 - Feb - 2021 04 Min 46 Sec 17/20 -
S Sharika usmani 08 - Jul - 2021 22 Min 50 Sec 17/20 -
M M.Attiq-U-Rehman 24 - Nov - 2023 04 Min 28 Sec 16/20 -
Z Zaina Ch 10 - May - 2024 02 Min 07 Sec 15/20 -
M Muhammad umer 28 - Sep - 2018 11 Min 05 Sec 14/20 -
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L Laiba Muqaddas 26 - Jul - 2024 04 Min 41 Sec 13/20 -
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 | Market equilibrium means a situation where |
A. Qs= Qd
B. Qs= Qp
C. Qd= Qp
D. Qq= Qp
|
| 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 | When demand is perfectly elastic, an increase in supply will result in |
A. decrease in quantity sold
B. increase in quantity sold
C. fall in price
D. b and c above
|
| 4 | Extension of supply will take place as a consequence of: |
A. Change in price
B. Change in population
C. Change in technology
D. Change in money supply
|
| 5 | 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
|
| 6 | 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
|
| 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 | A change in price brings in quantity supplied. it will be. |
A. Rise in supply
B. Contraction of supply
C. Fall in supply
D. Extension of supply
|
| 9 | 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
|
| 10 | 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
|
Test Questions
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