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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 we know that quantities bought and sold are equal, we can conclude that
Question # 2
A change in price brings in quantity supplied. it will be.
Question # 3
A decrease in demand causes the equilibrium price to
Question # 4
Price of a product is determined in a free market
Question # 5
Market equilibrium means
Question # 6
When price is fixed below equilibrium level, there will be
Question # 7
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Question # 8
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 9
When the supply curve of a product is parallel to the vertical axis, it would mean that;
Question # 10
Market equilibrium means a situation where
Question # 11
Which one will be termed as supply of a product.
Question # 12
When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.
Question # 13
One of the following is not an assumption of law of supply.
Question # 14
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Question # 15
Demand and supply forces determine market price
Question # 16
In case of a fall in supply.
Question # 17
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 # 18
Perfectly inelastic supply curve is:
Question # 19
Extension of supply will take place as a consequence of:
Question # 20
If equilibrium price rises but equilibrium quantity is unchanged, the cause is
ICS Part 1 Economics Chapter 6 MCQs Test
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| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | 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
|
| 3 | In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then |
A. price will fall
B. price remains same
C. price will rise
D. quantity rises
|
| 4 | Demand and supply forces determine market price |
A. only in perfect competition
B. only in monopoly market
C. in both markets
D. none of the above
|
| 5 | 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
|
| 6 | Markets where firms supply goods and services demanded by households are |
A. factor market
B. product market
C. open markets
D. resource markets
|
| 7 | A decrease in demand causes the equilibrium price to |
A. rise
B. fall
C. remain constant
D. indeterminate
|
| 8 | If equilibrium price rises but equilibrium quantity is unchanged, the cause is |
A. supply and demand both increase equally
B. supply and demand decrease equally
C. supply curve is vertical and demand increases
D. supply increases and demand is same
|
| 9 | Market Price of Perishable |
A. Commodities
B. Utility
C. Consumer
D. None of these
|
| 10 | In case of a fall in supply. |
A. Quantity supplied falls at the same price.
B. Quantity supplied rises at the same price.
C. Quantity supplied remain at the lower price.
D. None of the three
|
| 11 | 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
|
| 12 | 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
|
Test Questions
