×
6th Chapter

ICS Part 1 Economics Chapter 6 MCQs Test

First Year Economics Chapter 6 Online MCQ Test for 1st Year Economics Chapter 6 (Market Equilibrium)

This online test contains MCQs about following topics:

Determination of Market Pice ,Changes in Demand and Supply Cinditions ,Market Price ,Normal Price

First Year Economics Chapter 6 Online MCQ Test for 1st Year Economics Chapter 6 (Market Equilibrium)

Sr. # Questions Answers Choice
1 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
2 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
3 Market Price of Perishable
  • A. Commodities
  • B. Utility
  • C. Consumer
  • D. None of these
4 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
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 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
7 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
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 Demands and supply curves cross at
  • A. always at 60 degree
  • B. at 90 degree
  • C. at equal angle
  • D. at any angle
10 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

Share your comments questions here
Sort By:

Find the best institute for yourself!

We need a few details from you to suggest you relevant institutes & create your free profile

Online Zodiac Sign Quiz

10 Questions
Start Quiz
X

Sign in

to continue to ilmkidunya.com

X

Forgot Password

to continue to ilmkidunya.com

X

Register Type

Please Provide following information to Register

  • Student
  • Tutor
  • Consultant
  • Employer