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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 price is set above equilibrium level, there will be
Question # 2
In case of a fall in supply.
Question # 3
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 # 4
When price is fixed below equilibrium level, there will be
Question # 5
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
Question # 6
Market equilibrium means a situation where
Question # 7
Market Price of Perishable
Question # 8
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 9
A change in price brings in quantity supplied. it will be.
Question # 10
Markets where firms supply goods and services demanded by households are
Question # 11
Price of a product is determined in a free market
Question # 12
One of the following is not an assumption of law of supply.
Question # 13
If we know that quantities bought and sold are equal, we can conclude that
Question # 14
Perfectly inelastic supply curve is:
Question # 15
If equilibrium price rises but equilibrium quantity is unchanged, the cause is
Question # 16
An increases in the price of mutton provides information which
Question # 17
When demand is perfectly elastic, an increase in supply will result in
Question # 18
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Question # 19
A rise in supply and demand in equal proportion will result in
Question # 20
The price and sales of sugar both increase. What could be the cause of this?
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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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 -
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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 -
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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 -
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N nachiketa sharma 13 - Dec - 2020 13 Min 15 Sec 14/20 -
L Laiba Muqaddas 26 - Jul - 2024 04 Min 41 Sec 13/20 -
N nazakat hussain 22 - Apr - 2019 05 Min 35 Sec 13/20
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | 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
|
| 3 | Demands and supply curves cross at |
A. always at 60 degree
B. at 90 degree
C. at equal angle
D. at any angle
|
| 4 | When the supply curve of a product is parallel to the vertical axis, it would mean that; |
A. Different quantities of a product are supplied at the same price.
B. Different quantities of a product are supplied at different price.
C. Same quantities of a product are supplied at different price.
D. None of three
|
| 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 | 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
|
| 7 | A decrease in demand causes the equilibrium price to |
A. rise
B. fall
C. remain constant
D. indeterminate
|
| 8 | 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
|
| 9 | 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
|
| 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
