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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 When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.
  • A. Equal to unity
  • B. Less than unity
  • C. Equal to zero
  • D. Greater than unity
2 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
3 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>
4 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
5 Demands and supply curves cross at
  • A. always at 60 degree
  • B. at 90 degree
  • C. at equal angle
  • D. at any angle
6 Market equilibrium means
  • A. number of buyers and sellers are equal
  • B. demand and supply of commodity are equal
  • C. no price is changing
  • D. prices rise very slowly
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 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
9 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
10 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

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