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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
An increases in the price of mutton provides information which
Question # 3
Extension of supply will take place as a consequence of:
Question # 4
When price is fixed below equilibrium level, there will be
Question # 5
One of the following is not an assumption of law of supply.
Question # 6
If price is set above equilibrium level, there will be
Question # 7
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Question # 8
Which one will be termed as supply of a product.
Question # 9
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
Question # 10
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Question # 11
Market equilibrium means a situation where
Question # 12
In case of a fall in supply.
Question # 13
Price of a product is determined in a free market
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
The price and sales of sugar both increase. What could be the cause of this?
Question # 16
Demand and supply forces determine market price
Question # 17
A decrease in demand causes the equilibrium price to
Question # 18
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
Question # 19
Markets where firms supply goods and services demanded by households are
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
Top Scorers Of Chapter 6 "Economics Ics Part 1 English Medium Chapter 6 Online Test" MCQ`s Test
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J javeria naeem 12 - Aug - 2018 04 Min 15 Sec 19/20 -
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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 | 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
|
| 2 | 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
|
| 3 | Market equilibrium means a situation where |
A. Qs= Qd
B. Qs= Qp
C. Qd= Qp
D. Qq= Qp
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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
|
| 7 | 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
|
| 8 | If equilibrium price rises but equilibrium quantity is unchanged, the cause is |
A. supply and demand both increase equally
B. supply and demand decrease equally
C. supply curve is vertical and demand increases
D. supply increases and demand is same
|
| 9 | Market equilibrium means |
A. number of buyers and sellers are equal
B. demand and supply of commodity are equal
C. no price is changing
D. prices rise very slowly
|
| 10 | 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
|
Test Questions