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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
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 2
In case of a fall in supply.
Question # 3
If we know that quantities bought and sold are equal, we can conclude that
Question # 4
Demands and supply curves cross at
Question # 5
A rise in supply and demand in equal proportion will result in
Question # 6
When price is fixed below equilibrium level, there will be
Question # 7
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
Question # 8
If price is set above equilibrium level, there will be
Question # 9
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
Question # 10
An increases in the price of mutton provides information which
Question # 11
When demand is perfectly elastic, an increase in supply will result in
Question # 12
A change in price brings in quantity supplied. it will be.
Question # 13
Markets where firms supply goods and services demanded by households are
Question # 14
Market Price of Perishable
Question # 15
Demand and supply forces determine market price
Question # 16
Which one will be termed as supply of a product.
Question # 17
Perfectly inelastic supply curve is:
Question # 18
When the supply curve of a product is parallel to the vertical axis, it would mean that;
Question # 19
A decrease in demand causes the equilibrium price to
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 | 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
|
| 2 | 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
|
| 3 | An increases in the price of mutton provides information which |
A. tells consumers to buy more mutton
B. tells consumers to buy more chicken
C. tells producers to produce more mutton
D. b and c of above
|
| 4 | When price is fixed below 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
|
| 5 | 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
|
| 6 | Equilibrium |
A. is a state that can never be achieved in economics
B. is an important idea for predicting economics changes
C. is a stable condition
D. is an unstable condition
|
| 7 | Markets where firms supply goods and services demanded by households are |
A. factor market
B. product market
C. open markets
D. resource markets
|
| 8 | 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
|
| 9 | 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
|
| 10 | When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be. |
A. Equal to unity
B. Less than unity
C. Equal to zero
D. Greater than unity
|
Test Questions