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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
Market equilibrium means a situation where
Question # 2
In case of a fall in supply.
Question # 3
One of the following is not an assumption of law of supply.
Question # 4
An increases in the price of mutton provides information which
Question # 5
A rise in supply and demand in equal proportion will result in
Question # 6
The price and sales of sugar both increase. What could be the cause of this?
Question # 7
If we know that quantities bought and sold are equal, we can conclude that
Question # 8
A decrease in demand causes the equilibrium price to
Question # 9
Markets where firms supply goods and services demanded by households are
Question # 10
Demands and supply curves cross at
Question # 11
If equilibrium price rises but equilibrium quantity is unchanged, the cause is
Question # 12
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 13
Perfectly inelastic supply curve is:
Question # 14
Equilibrium
Question # 15
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 # 16
A change in price brings in quantity supplied. it will be.
Question # 17
Demand and supply forces determine market price
Question # 18
Price of a product is determined in a free market
Question # 19
When demand is perfectly elastic, an increase in supply will result in
Question # 20
When the supply curve of a product is parallel to the vertical axis, it would mean that;
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 | In case of a fall in supply. |
A. Quantity supplied falls at the same price.
B. Quantity supplied rises at the same price.
C. Quantity supplied remain at the lower price.
D. None of the three
|
| 2 | 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
|
| 3 | 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
|
| 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 | 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
|
| 6 | 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
|
| 7 | 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
|
| 8 | 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
|
| 9 | 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
|
| 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