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 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
2 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
3 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
4 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
5 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>
6 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
7 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
8 A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
  • A. Supply of output
  • B. Production
  • C. Buffer stock
  • D. Stock
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 Market Price of Perishable
  • A. Commodities
  • B. Utility
  • C. Consumer
  • D. None of these

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