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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
Demand and supply forces determine market price
Question # 2
A decrease in demand causes the equilibrium price to
Question # 3
An increases in the price of mutton provides information which
Question # 4
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Question # 5
One of the following is not an assumption of law of supply.
Question # 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.
Question # 7
Extension of supply will take place as a consequence of:
Question # 8
When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.
Question # 9
Market equilibrium means
Question # 10
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
Question # 11
Price of a product is determined in a free market
Question # 12
When demand is perfectly elastic, an increase in supply will result in
Question # 13
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 14
Market equilibrium means a situation where
Question # 15
When price is fixed below equilibrium level, there will be
Question # 16
A rise in supply and demand in equal proportion will result in
Question # 17
Market Price of Perishable
Question # 18
Markets where firms supply goods and services demanded by households are
Question # 19
If we know that quantities bought and sold are equal, we can conclude that
Question # 20
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
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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J javeria naeem 12 - Aug - 2018 04 Min 15 Sec 19/20 -
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ICS Part 1 Economics Chapter 6 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | 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
|
| 3 | Markets where firms supply goods and services demanded by households are |
A. factor market
B. product market
C. open markets
D. resource markets
|
| 4 | 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
|
| 5 | 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
|
| 6 | With an increase in cost of production, price of the product rises while supply of the product will. |
A. Fall
B. Rise
C. Remain unchanged
D. Non of the three
|
| 7 | 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
|
| 8 | 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
|
| 9 | 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
|
| 10 | Extension of supply will take place as a consequence of: |
A. Change in price
B. Change in population
C. Change in technology
D. Change in money supply
|
Test Questions
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