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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 change in price brings in quantity supplied. it will be.
Question # 2
When price is fixed below equilibrium level, there will be
Question # 3
Perfectly inelastic supply curve is:
Question # 4
Extension of supply will take place as a consequence of:
Question # 5
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Question # 6
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Question # 7
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
Question # 8
One of the following is not an assumption of law of supply.
Question # 9
Markets where firms supply goods and services demanded by households are
Question # 10
If we know that quantities bought and sold are equal, we can conclude that
Question # 11
The price and sales of sugar both increase. What could be the cause of this?
Question # 12
Equilibrium
Question # 13
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 14
Market equilibrium means
Question # 15
Demand and supply forces determine market price
Question # 16
Demands and supply curves cross at
Question # 17
In case of a fall in supply.
Question # 18
A rise in supply and demand in equal proportion will result in
Question # 19
Market Price of Perishable
Question # 20
Market equilibrium means a situation where
ICS Part 1 Economics Chapter 6 MCQs Test
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J javeria naeem 12 - Aug - 2018 04 Min 15 Sec 19/20 -
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ICS Part 1 Economics Chapter 6 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | 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
|
| 3 | 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
|
| 4 | 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
|
| 5 | The price and sales of sugar both increase. What could be the cause of this? |
A. a decrease in the income of the consumers.
B. a decrease in the tax on sugar
C. An increase in the wages of workers in the sugar industry
D. An increase in the price of sugar substitutes
|
| 6 | 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
|
| 7 | 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
|
| 8 | 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
|
| 9 | Perfectly inelastic supply curve is: |
A. Parallel to vertical axis
B. Parallel to horizontal axis
C. Rises upward to the right
D. Falls downward to the right
|
| 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