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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
If equilibrium price rises but equilibrium quantity is unchanged, the cause is
Question # 2
One of the following is not an assumption of law of supply.
Question # 3
Market equilibrium means a situation where
Question # 4
If we know that quantities bought and sold are equal, we can conclude that
Question # 5
A decrease in demand causes the equilibrium price to
Question # 6
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Question # 7
In case of a fall in supply.
Question # 8
A fall fall in supply will take place due to a:
Question # 9
When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.
Question # 10
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
Question # 11
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 12
Market Price of Perishable
Question # 13
Demands and supply curves cross at
Question # 14
A change in price brings in quantity supplied. it will be.
Question # 15
When price is fixed below equilibrium level, there will be
Question # 16
When demand is perfectly elastic, an increase in supply will result in
Question # 17
The price and sales of sugar both increase. What could be the cause of this?
Question # 18
Price of a product is determined in a free market
Question # 19
Equilibrium
Question # 20
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
ICS Part 1 Economics Chapter 6 MCQs Test
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ICS Part 1 Economics Chapter 6 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | A fall fall in supply will take place due to a: |
A. Business collusion
B. Bumper crop
C. Fall in custom duty
D. Fall in income
|
| 2 | Demands and supply curves cross at |
A. always at 60 degree
B. at 90 degree
C. at equal angle
D. at any angle
|
| 3 | Market equilibrium means a situation where |
A. Qs= Qd
B. Qs= Qp
C. Qd= Qp
D. Qq= Qp
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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
|
| 7 | 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
|
| 8 | 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
|
| 9 | 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
|
| 10 | 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
|
Test Questions
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