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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
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
Question # 2
Market Price of Perishable
Question # 3
When the supply curve of a product is parallel to the vertical axis, it would mean that;
Question # 4
A decrease in demand causes the equilibrium price to
Question # 5
Demand and supply forces determine market price
Question # 6
An increases in the price of mutton provides information which
Question # 7
One of the following is not an assumption of law of supply.
Question # 8
When demand is perfectly elastic, an increase in supply will result in
Question # 9
Demands and supply curves cross at
Question # 10
Extension of supply will take place as a consequence of:
Question # 11
Markets where firms supply goods and services demanded by households are
Question # 12
In case of a fall in supply.
Question # 13
A rise in supply and demand in equal proportion will result in
Question # 14
The price and sales of sugar both increase. What could be the cause of this?
Question # 15
Price of a product is determined in a free market
Question # 16
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 17
If we know that quantities bought and sold are equal, we can conclude that
Question # 18
Equilibrium
Question # 19
Which one will be termed as supply of a product.
Question # 20
Market equilibrium means
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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J javeria naeem 12 - Aug - 2018 04 Min 15 Sec 19/20 -
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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 | 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
|
| 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 | A decrease in demand causes the equilibrium price to |
A. rise
B. fall
C. remain constant
D. indeterminate
|
| 4 | Markets where firms supply goods and services demanded by households are |
A. factor market
B. product market
C. open markets
D. resource markets
|
| 5 | 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
|
| 6 | 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
|
| 7 | 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
|
| 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 | 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
|
| 10 | 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
|
Test Questions