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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
In case of a fall in supply.
Question # 2
Market equilibrium means
Question # 3
In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then
Question # 4
A change in price brings in quantity supplied. it will be.
Question # 5
Equilibrium
Question # 6
Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is
Question # 7
When the supply curve of a product is parallel to the vertical axis, it would mean that;
Question # 8
Perfectly inelastic supply curve is:
Question # 9
When price is fixed below equilibrium level, there will be
Question # 10
A fall fall in supply will take place due to a:
Question # 11
With an increase in cost of production, price of the product rises while supply of the product will.
Question # 12
Markets where firms supply goods and services demanded by households are
Question # 13
If equilibrium price rises but equilibrium quantity remains unchanged, the cause is
Question # 14
The price and sales of sugar both increase. What could be the cause of this?
Question # 15
Market equilibrium means a situation where
Question # 16
If we know that quantities bought and sold are equal, we can conclude that
Question # 17
Which one will be termed as supply of a product.
Question # 18
Price of a product is determined in a free market
Question # 19
If price is set above equilibrium level, there will be
Question # 20
When demand is perfectly elastic, an increase in supply will result in
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 -
U Unknown 02 - Aug - 2018 04 Min 59 Sec 19/20 -
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M Maheen 19 - Feb - 2021 04 Min 46 Sec 17/20 -
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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 -
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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 | Demands and supply curves cross at |
A. always at 60 degree
B. at 90 degree
C. at equal angle
D. at any angle
|
| 2 | Market equilibrium means |
A. number of buyers and sellers are equal
B. demand and supply of commodity are equal
C. no price is changing
D. prices rise very slowly
|
| 3 | When demand is perfectly elastic, an increase in supply will result in |
A. decrease in quantity sold
B. increase in quantity sold
C. fall in price
D. b and c above
|
| 4 | 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
|
| 5 | A decrease in demand causes the equilibrium price to |
A. rise
B. fall
C. remain constant
D. indeterminate
|
| 6 | 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
|
| 7 | Markets where firms supply goods and services demanded by households are |
A. factor market
B. product market
C. open markets
D. resource markets
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| 8 | 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
|
| 9 | 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
|
| 10 | 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
|
Test Questions
