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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
A fall fall in supply will take place due to a:
Question # 2
Which one will be termed as supply of a product.
Question # 3
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
Question # 4
Perfectly inelastic supply curve is:
Question # 5
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 6
The price and sales of sugar both increase. What could be the cause of this?
Question # 7
Demands and supply curves cross at
Question # 8
When the supply curve of a product is parallel to the vertical axis, it would mean that;
Question # 9
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Question # 10
Market equilibrium means a situation where
Question # 11
A rise in supply and demand in equal proportion will result in
Question # 12
When price is fixed below equilibrium level, there will be
Question # 13
Extension of supply will take place as a consequence of:
Question # 14
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 # 15
Equilibrium
Question # 16
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
Question # 17
One of the following is not an assumption of law of supply.
Question # 18
In case of a fall in supply.
Question # 19
If we know that quantities bought and sold are equal, we can conclude that
Question # 20
A decrease in demand causes the equilibrium price to
ICS Part 1 Economics Chapter 6 MCQs Test
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A Ali Hassan 10 - Sep - 2022 07 Min 36 Sec 13/20
ICS Part 1 Economics Chapter 6 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | A decrease in demand causes the equilibrium price to |
A. rise
B. fall
C. remain constant
D. indeterminate
|
| 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 | 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
|
| 5 | 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
|
| 6 | 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
|
| 7 | Extension of supply will take place as a consequence of: |
A. Change in price
B. Change in population
C. Change in technology
D. Change in money supply
|
| 8 | 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
|
| 9 | Market equilibrium means a situation where |
A. Qs= Qd
B. Qs= Qp
C. Qd= Qp
D. Qq= Qp
|
| 10 | 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
|
Test Questions