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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

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

Sr. # Questions Answers Choice
1 A decrease in demand causes the equilibrium price to
  • A. rise
  • B. fall
  • C. remain constant
  • D. indeterminate
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 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
4 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
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 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
7 The price and sales of sugar both increase. What could be the cause of this?
  • A. a decrease in the income of the consumers.
  • B. a decrease in the tax on sugar
  • C. An increase in the wages of workers in the sugar industry
  • D. An increase in the price of sugar substitutes
8 Demand and supply forces determine market price
  • A. only in perfect competition
  • B. only in monopoly market
  • C. in both markets
  • D. none of the above
9 Markets where firms supply goods and services demanded by households are
  • A. factor market
  • B. product market
  • C. open markets
  • D. resource markets
10 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

Top Scorers of Economics Ics Part 1 English Medium Chapter 6 Online Test

M

M.Attiq-U-Rehman

Lahore24 - Nov - 2023

16/20
04 Mins 28 Sec

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