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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
Demands and supply curves cross at
Question # 2
Extension of supply will take place as a consequence of:
Question # 3
When the supply curve of a product is parallel to the vertical axis, it would mean that;
Question # 4
When demand is perfectly elastic, an increase in supply will result in
Question # 5
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Question # 6
If price is set above equilibrium level, there will be
Question # 7
Market equilibrium means
Question # 8
Price of a product is determined in a free market
Question # 9
One of the following is not an assumption of law of supply.
Question # 10
When price is fixed below equilibrium level, there will be
Question # 11
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
Question # 12
Demand and supply forces determine market price
Question # 13
An increases in the price of mutton provides information which
Question # 14
If equilibrium price rises but equilibrium quantity is unchanged, the cause is
Question # 15
If we know that quantities bought and sold are equal, we can conclude that
Question # 16
When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.
Question # 17
A decrease in demand causes the equilibrium price to
Question # 18
Markets where firms supply goods and services demanded by households are
Question # 19
Market Price of Perishable
Question # 20
A fall fall in supply will take place due to a:
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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R romana 16 - Apr - 2021 20 Min 40 Sec 20/20 -
J javeria naeem 12 - Aug - 2018 04 Min 15 Sec 19/20 -
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R romana 31 - Aug - 2018 17 Min 20 Sec 18/20 -
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M M.Attiq-U-Rehman 24 - Nov - 2023 04 Min 28 Sec 16/20 -
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M Muhammad umer 28 - Sep - 2018 11 Min 05 Sec 14/20 -
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N nazakat hussain 22 - Apr - 2019 05 Min 35 Sec 13/20 -
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 | Market Price of Perishable |
A. Commodities
B. Utility
C. Consumer
D. None of these
|
| 2 | Demands and supply curves cross at |
A. always at 60 degree
B. at 90 degree
C. at equal angle
D. at any angle
|
| 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 | 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
|
| 5 | 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
|
| 6 | Market equilibrium means a situation where |
A. Qs= Qd
B. Qs= Qp
C. Qd= Qp
D. Qq= Qp
|
| 7 | 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
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| 8 | 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
|
| 9 | 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
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| 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
|
Test Questions