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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
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 # 3
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Question # 4
If equilibrium price rises but equilibrium quantity is unchanged, the cause is
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
A change in price brings in quantity supplied. it will be.
Question # 8
When the supply curve of a product is parallel to the vertical axis, it would mean that;
Question # 9
When demand is perfectly elastic, an increase in supply will result in
Question # 10
An increases in the price of mutton provides information which
Question # 11
A decrease in demand causes the equilibrium price to
Question # 12
Market equilibrium means
Question # 13
Markets where firms supply goods and services demanded by households are
Question # 14
When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.
Question # 15
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
Question # 16
Which one will be termed as supply of a product.
Question # 17
Extension of supply will take place as a consequence of:
Question # 18
If we know that quantities bought and sold are equal, we can conclude that
Question # 19
In case of a fall in supply.
Question # 20
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
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 -
H Hanif Wazir 30 - May - 2022 06 Min 36 Sec 19/20 -
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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 -
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N nazakat hussain 22 - Apr - 2019 05 Min 35 Sec 13/20 -
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 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 | 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
|
| 3 | 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
|
| 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 | 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
|
| 6 | Demand and supply forces determine market price |
A. only in perfect competition
B. only in monopoly market
C. in both markets
D. none of the above
|
| 7 | 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
|
| 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 | 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
|
| 10 | 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
|
Test Questions
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