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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 producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
Question # 2
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Question # 3
A rise in supply and demand in equal proportion will result in
Question # 4
When the supply curve of a product is parallel to the vertical axis, it would mean that;
Question # 5
Markets where firms supply goods and services demanded by households are
Question # 6
A change in price brings in quantity supplied. it will be.
Question # 7
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 8
Market equilibrium means a situation where
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
Extension of supply will take place as a consequence of:
Question # 11
If price is set above equilibrium level, there will be
Question # 12
A fall fall in supply will take place due to a:
Question # 13
Which one will be termed as supply of a product.
Question # 14
When demand is perfectly elastic, an increase in supply will result in
Question # 15
The price and sales of sugar both increase. What could be the cause of this?
Question # 16
Market equilibrium means
Question # 17
An increases in the price of mutton provides information which
Question # 18
One of the following is not an assumption of law of supply.
Question # 19
In case of a fall in supply.
Question # 20
Perfectly inelastic supply curve 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 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
|
| 2 | A decrease in demand causes the equilibrium price to |
A. rise
B. fall
C. remain constant
D. indeterminate
|
| 3 | 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
|
| 4 | 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
|
| 5 | 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
|
| 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 | 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
|
| 8 | A change in price brings in quantity supplied. it will be. |
A. Rise in supply
B. Contraction of supply
C. Fall in supply
D. Extension of supply
|
| 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 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
|
Test Questions
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