Economics Ics Part 1 English Medium Online Test With Answers

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Economics Ics Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 Land as used in economics is a free gift of nature is unlimited in quantity is not hirable excludes oceans
2 Economic development of a country requires skilled lobour diplomacy abundant natural resources a and c of aboce
3 Land means sea surface of earth natural forests all natural resources
4 The three broad types of productive resources are money, profit and interest capital, labour and natural resources labour, stock shares and deposits technology, landl and markets
5 Labour is hirable but you cannot hire capital land manager entrepreneur
6 Demand and supply forces determine market price only in perfect competition only in monopoly market in both markets none of the above
7 When demand is perfectly elastic, an increase in supply will result in decrease in quantity sold increase in quantity sold fall in price b and c above
8 Demands and supply curves cross at always at 60 degree at 90 degree at equal angle at any angle
9 Markets where firms supply goods and services demanded by households are factor market product market open markets resource markets
10 Market equilibrium means number of buyers and sellers are equal demand and supply of commodity are equal no price is changing prices rise very slowly
11 If equilibrium price rises but equilibrium quantity is unchanged, the cause is supply and demand both increase equally supply and demand decrease equally supply curve is vertical and demand increases supply increases and demand is same
12 If price is set above equilibrium level, there will be surplus commodity in the market shortage of commodity in the market supply curve will shift demand curve will shift
13 If we know that quantities bought and sold are equal, we can conclude that quantities demanded and supplied are also equal the market is in equilibrium there will be no tendency for a price change all of the above
14 The price and sales of sugar both increase. What could be the cause of this? a decrease in the income of the consumers. a decrease in the tax on sugar An increase in the wages of workers in the sugar industry An increase in the price of sugar substitutes
15 A rise in supply and demand in equal proportion will result in increase in equilibrium price and decrease in equilibrium quantity decreases in equilibrium price and increases in equilibrium quantity no change in equilibrium price and increases in equilibrium quantity increases in equilibrium price and no change in equilibrium quantity
16 Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is a shortage a surplus excess supply loss
17 Equilibrium is a state that can never be achieved in economics is an important idea for predicting economics changes is a stable condition is an unstable condition
18 In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then price will fall price remains same price will rise quantity rises
19 An increases in the price of mutton provides information which tells consumers to buy more mutton tells consumers to buy more chicken tells producers to produce more mutton b and c of above
20 Price of a product is determined in a free market by demand for the product by supply of the product by both demand and supply by the government
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