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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
When demand is perfectly elastic, an increase in supply will result in
Question # 2
If we know that quantities bought and sold are equal, we can conclude that
Question # 3
Market equilibrium means a situation where
Question # 4
If equilibrium price rises but equilibrium quantity is unchanged, the cause is
Question # 5
A rise in supply and demand in equal proportion will result in
Question # 6
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
Question # 7
Market equilibrium means
Question # 8
The price and sales of sugar both increase. What could be the cause of this?
Question # 9
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Question # 10
Which one will be termed as supply of a product.
Question # 11
Demand and supply forces determine market price
Question # 12
Market Price of Perishable
Question # 13
Markets where firms supply goods and services demanded by households are
Question # 14
Perfectly inelastic supply curve is:
Question # 15
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
Question # 16
When the supply curve of a product is parallel to the vertical axis, it would mean that;
Question # 17
When price is fixed below equilibrium level, there will be
Question # 18
A decrease in demand causes the equilibrium price to
Question # 19
One of the following is not an assumption of law of supply.
Question # 20
A change in price brings in quantity supplied. it will be.
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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A Anum Fatima 19 - Jun - 2023 00 Min 08 Sec 20/20 -
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 -
H Hanif Wazir 30 - May - 2022 06 Min 36 Sec 19/20 -
T Tanzeela saeed 14 - Dec - 2020 04 Min 01 Sec 18/20 -
R romana 31 - Aug - 2018 17 Min 20 Sec 18/20 -
M Maheen 19 - Feb - 2021 04 Min 46 Sec 17/20 -
S Sharika usmani 08 - Jul - 2021 22 Min 50 Sec 17/20 -
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 -
M Muhammad umer 28 - Sep - 2018 11 Min 05 Sec 14/20 -
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
ICS Part 1 Economics Chapter 6 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 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 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
|
| 4 | Demands and supply curves cross at |
A. always at 60 degree
B. at 90 degree
C. at equal angle
D. at any angle
|
| 5 | Markets where firms supply goods and services demanded by households are |
A. factor market
B. product market
C. open markets
D. resource markets
|
| 6 | Market equilibrium means a situation where |
A. Qs= Qd
B. Qs= Qp
C. Qd= Qp
D. Qq= Qp
|
| 7 | 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
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| 8 | 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
|
| 9 | 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
|
| 10 | 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
|
Test Questions
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