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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
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 2
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
Question # 3
A decrease in demand causes the equilibrium price to
Question # 4
When the supply curve of a product is parallel to the vertical axis, it would mean that;
Question # 5
When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.
Question # 6
Market equilibrium means a situation where
Question # 7
Price of a product is determined in a free market
Question # 8
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
Question # 9
Market Price of Perishable
Question # 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.
Question # 11
If we know that quantities bought and sold are equal, we can conclude that
Question # 12
A change in price brings in quantity supplied. it will be.
Question # 13
Demands and supply curves cross at
Question # 14
If equilibrium price rises but equilibrium quantity is unchanged, the cause is
Question # 15
A fall fall in supply will take place due to a:
Question # 16
An increases in the price of mutton provides information which
Question # 17
Perfectly inelastic supply curve is:
Question # 18
When price is fixed below equilibrium level, there will be
Question # 19
A rise in supply and demand in equal proportion will result in
Question # 20
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
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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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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M Maheen 19 - Feb - 2021 04 Min 46 Sec 17/20 -
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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 | 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
|
| 2 | 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
|
| 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 | 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
|
| 5 | Market equilibrium means a situation where |
A. Qs= Qd
B. Qs= Qp
C. Qd= Qp
D. Qq= Qp
|
| 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 | Equilibrium |
A. is a state that can never be achieved in economics
B. is an important idea for predicting economics changes
C. is a stable condition
D. is an unstable condition
|
| 9 | 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
|
| 10 | A change in price brings in quantity supplied. it will be. |
A. Rise in supply
B. Contraction of supply
C. Fall in supply
D. Extension of supply
|
Test Questions
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