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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
When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.
Question # 2
In case of a fall in supply.
Question # 3
Market equilibrium means
Question # 4
Price of a product is determined in a free market
Question # 5
Demand and supply forces determine market price
Question # 6
Demands and supply curves cross at
Question # 7
Which one will be termed as supply of a product.
Question # 8
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Question # 9
Markets where firms supply goods and services demanded by households are
Question # 10
When the supply curve of a product is parallel to the vertical axis, it would mean that;
Question # 11
Market Price of Perishable
Question # 12
A rise in supply and demand in equal proportion will result in
Question # 13
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 # 14
When price is fixed below equilibrium level, there will be
Question # 15
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Question # 16
Extension of supply will take place as a consequence of:
Question # 17
Equilibrium
Question # 18
If equilibrium price rises but equilibrium quantity is unchanged, the cause is
Question # 19
One of the following is not an assumption of law of supply.
Question # 20
Perfectly inelastic supply curve is:
ICS Part 1 Economics Chapter 6 MCQs 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 | 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
|
| 2 | 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
|
| 3 | 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
|
| 4 | Price of a product is determined in a free market |
A. by demand for the product
B. by supply of the product
C. by both demand and supply
D. by the government
|
| 5 | A decrease in demand causes the equilibrium price to |
A. rise
B. fall
C. remain constant
D. indeterminate
|
| 6 | 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
|
| 7 | Equilibrium |
A. is a state that can never be achieved in economics
B. is an important idea for predicting economics changes
C. is a stable condition
D. is an unstable condition
|
| 8 | 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
|
| 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 | 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
|
Test Questions
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