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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
Extension of supply will take place as a consequence of:
Question # 2
Markets where firms supply goods and services demanded by households are
Question # 3
In case of a fall in supply.
Question # 4
Price of a product is determined in a free market
Question # 5
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
Question # 6
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
Question # 7
If price is set above equilibrium level, there will be
Question # 8
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Question # 9
A change in price brings in quantity supplied. it will be.
Question # 10
When price is fixed below equilibrium level, there will be
Question # 11
Market equilibrium means
Question # 12
Demand and supply forces determine market price
Question # 13
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Question # 14
If we know that quantities bought and sold are equal, we can conclude that
Question # 15
Demands and supply curves cross at
Question # 16
Market Price of Perishable
Question # 17
When the supply curve of a product is parallel to the vertical axis, it would mean that;
Question # 18
Perfectly inelastic supply curve is:
Question # 19
A fall fall in supply will take place due to a:
Question # 20
One of the following is not an assumption of law of supply.
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 -
U Unknown 02 - Aug - 2018 04 Min 59 Sec 19/20 -
H Hanif Wazir 30 - May - 2022 06 Min 36 Sec 19/20 -
T Tanzeela saeed 14 - Dec - 2020 04 Min 01 Sec 18/20 -
R romana 31 - Aug - 2018 17 Min 20 Sec 18/20 -
M Maheen 19 - Feb - 2021 04 Min 46 Sec 17/20 -
S Sharika usmani 08 - Jul - 2021 22 Min 50 Sec 17/20 -
M M.Attiq-U-Rehman 24 - Nov - 2023 04 Min 28 Sec 16/20 -
Z Zaina Ch 10 - May - 2024 02 Min 07 Sec 15/20 -
M Muhammad umer 28 - Sep - 2018 11 Min 05 Sec 14/20 -
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L Laiba Muqaddas 26 - Jul - 2024 04 Min 41 Sec 13/20 -
N nazakat hussain 22 - Apr - 2019 05 Min 35 Sec 13/20
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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. |
A. Less than unity
B. Greater than unity
C. Equal to unity
D. Equal to zero
|
| 2 | 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
|
| 3 | Markets where firms supply goods and services demanded by households are |
A. factor market
B. product market
C. open markets
D. resource markets
|
| 4 | 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
|
| 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 | 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
|
| 7 | Market Price of Perishable |
A. Commodities
B. Utility
C. Consumer
D. None of these
|
| 8 | 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
|
| 9 | 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
|
| 10 | 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
|
Test Questions
