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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
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Question # 2
Market equilibrium means
Question # 3
Demands and supply curves cross at
Question # 4
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 # 5
When demand is perfectly elastic, an increase in supply will result in
Question # 6
Market equilibrium means a situation where
Question # 7
When price is fixed below equilibrium level, there will be
Question # 8
The price and sales of sugar both increase. What could be the cause of this?
Question # 9
When the supply curve of a product is parallel to the vertical axis, it would mean that;
Question # 10
Which one will be termed as supply of a product.
Question # 11
In case of a fall in supply.
Question # 12
Extension of supply will take place as a consequence of:
Question # 13
A change in price brings in quantity supplied. it will be.
Question # 14
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 15
Perfectly inelastic supply curve is:
Question # 16
If equilibrium price rises but equilibrium quantity is unchanged, the cause is
Question # 17
If we know that quantities bought and sold are equal, we can conclude that
Question # 18
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
Question # 19
When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.
Question # 20
If price is set above equilibrium level, there 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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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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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 -
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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 | 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
|
| 2 | 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
|
| 3 | If equilibrium price rises but equilibrium quantity remains unchanged, the cause is |
A. supply and demand both increase equally
B. supply and demand both decrease equally
C. supply decreases and demand increases
D. supply increases and demand decreases
|
| 4 | If we know that quantities bought and sold are equal, we can conclude that |
A. quantities demanded and supplied are also equal
B. the market is in equilibrium
C. there will be no tendency for a price change
D. all of the above
|
| 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 | 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
|
| 7 | 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
|
| 8 | Price of a product is determined in a free market |
A. by demand for the product
B. by supply of the product
C. by both demand and supply
D. by the government
|
| 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 | Markets where firms supply goods and services demanded by households are |
A. factor market
B. product market
C. open markets
D. resource markets
|
Test Questions