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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
When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.
Question # 2
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
Question # 3
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 4
A fall fall in supply will take place due to a:
Question # 5
If equilibrium price rises but equilibrium quantity is unchanged, the cause is
Question # 6
Market equilibrium means
Question # 7
Price of a product is determined in a free market
Question # 8
A rise in supply and demand in equal proportion will result in
Question # 9
An increases in the price of mutton provides information which
Question # 10
When demand is perfectly elastic, an increase in supply will result in
Question # 11
When price is fixed below equilibrium level, there will be
Question # 12
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 # 13
If we know that quantities bought and sold are equal, we can conclude that
Question # 14
Equilibrium
Question # 15
Extension of supply will take place as a consequence of:
Question # 16
One of the following is not an assumption of law of supply.
Question # 17
Demand and supply forces determine market price
Question # 18
The price and sales of sugar both increase. What could be the cause of this?
Question # 19
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Question # 20
A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.
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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A Anum Fatima 19 - Jun - 2023 00 Min 08 Sec 20/20 -
R romana 16 - Apr - 2021 20 Min 40 Sec 20/20 -
J javeria naeem 12 - Aug - 2018 04 Min 15 Sec 19/20 -
U Unknown 02 - Aug - 2018 04 Min 59 Sec 19/20 -
H Hanif Wazir 30 - May - 2022 06 Min 36 Sec 19/20 -
T Tanzeela saeed 14 - Dec - 2020 04 Min 01 Sec 18/20 -
R romana 31 - Aug - 2018 17 Min 20 Sec 18/20 -
M Maheen 19 - Feb - 2021 04 Min 46 Sec 17/20 -
S Sharika usmani 08 - Jul - 2021 22 Min 50 Sec 17/20 -
M M.Attiq-U-Rehman 24 - Nov - 2023 04 Min 28 Sec 16/20 -
Z Zaina Ch 10 - May - 2024 02 Min 07 Sec 15/20 -
M Muhammad umer 28 - Sep - 2018 11 Min 05 Sec 14/20 -
N nachiketa sharma 13 - Dec - 2020 13 Min 15 Sec 14/20 -
L Laiba Muqaddas 26 - Jul - 2024 04 Min 41 Sec 13/20 -
N nazakat hussain 22 - Apr - 2019 05 Min 35 Sec 13/20
ICS Part 1 Economics Chapter 6 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | A rise in supply and demand in equal proportion will result in |
A. increase in equilibrium price and decrease in equilibrium quantity
B. decreases in equilibrium price and increases in equilibrium quantity
C. no change in equilibrium price and increases in equilibrium quantity
D. increases in equilibrium price and no change in equilibrium quantity
|
| 2 | 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
|
| 3 | Perfectly inelastic supply curve is: |
A. Parallel to vertical axis
B. Parallel to horizontal axis
C. Rises upward to the right
D. Falls downward to the right
|
| 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 | 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 | 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
|
| 7 | 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
|
| 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 | A decrease in demand causes the equilibrium price to |
A. rise
B. fall
C. remain constant
D. indeterminate
|
| 10 | Demands and supply curves cross at |
A. always at 60 degree
B. at 90 degree
C. at equal angle
D. at any angle
|
Test Questions
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