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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
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Question # 1
A rise in supply and demand in equal proportion will result in
Question # 2
Extension of supply will take place as a consequence of:
Question # 3
A fall fall in supply will take place due to a:
Question # 4
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 5
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Question # 6
Markets where firms supply goods and services demanded by households are
Question # 7
When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.
Question # 8
When price is fixed below equilibrium level, there will be
Question # 9
Perfectly inelastic supply curve is:
Question # 10
Price of a product is determined in a free market
Question # 11
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 # 12
Market equilibrium means
Question # 13
Which one will be termed as supply of a product.
Question # 14
A change in price brings in quantity supplied. it will be.
Question # 15
In case of a fall in supply.
Question # 16
When demand is perfectly elastic, an increase in supply will result in
Question # 17
The price and sales of sugar both increase. What could be the cause of this?
Question # 18
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Question # 19
Market equilibrium means a situation where
Question # 20
Demands and supply curves cross at
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 -
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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 | A decrease in demand causes the equilibrium price to |
A. rise
B. fall
C. remain constant
D. indeterminate
|
| 2 | 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
|
| 3 | 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
|
| 4 | Markets where firms supply goods and services demanded by households are |
A. factor market
B. product market
C. open markets
D. resource markets
|
| 5 | 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
|
| 6 | Market equilibrium means a situation where |
A. Qs= Qd
B. Qs= Qp
C. Qd= Qp
D. Qq= Qp
|
| 7 | 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
|
| 8 | 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
|
| 9 | 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
|
| 10 | When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be. |
A. Equal to unity
B. Less than unity
C. Equal to zero
D. Greater than unity
|
Test Questions