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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
Price of a product is determined in a free market
Question # 2
Demand and supply forces determine market price
Question # 3
If we know that quantities bought and sold are equal, we can conclude that
Question # 4
Extension of supply will take place as a consequence of:
Question # 5
If equilibrium price rises but equilibrium quantity is unchanged, the cause is
Question # 6
Equilibrium
Question # 7
If price is set above equilibrium level, there will be
Question # 8
Which one will be termed as supply of a product.
Question # 9
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
Question # 10
A decrease in demand causes the equilibrium price to
Question # 11
When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.
Question # 12
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
Question # 13
Market Price of Perishable
Question # 14
Perfectly inelastic supply curve is:
Question # 15
When demand is perfectly elastic, an increase in supply will result in
Question # 16
One of the following is not an assumption of law of supply.
Question # 17
In case of a fall in supply.
Question # 18
Markets where firms supply goods and services demanded by households are
Question # 19
Market equilibrium means a situation where
Question # 20
Market equilibrium means
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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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 | 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
|
| 2 | 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
|
| 3 | 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
|
| 4 | In case of a fall in supply. |
A. Quantity supplied falls at the same price.
B. Quantity supplied rises at the same price.
C. Quantity supplied remain at the lower price.
D. None of the three
|
| 5 | 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
|
| 6 | 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
|
| 7 | Demands and supply curves cross at |
A. always at 60 degree
B. at 90 degree
C. at equal angle
D. at any angle
|
| 8 | Markets where firms supply goods and services demanded by households are |
A. factor market
B. product market
C. open markets
D. resource markets
|
| 9 | 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
|
| 10 | Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is |
A. a shortage
B. a surplus
C. excess supply
D. loss
|
Test Questions
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