6th Chapter

ICS Part 1 Economics Chapter 6 MCQs Test

First Year Economics Chapter 6 Online MCQ Test for 1st Year Economics Chapter 6 (Market Equilibrium)

This online test contains MCQs about following topics:

Determination of Market Pice ,Changes in Demand and Supply Cinditions ,Market Price ,Normal Price

ICS Part 1 Economics Chapter 6 Test

Start Chapter 6 Test

First Year Economics Chapter 6 Online MCQ Test for 1st Year Economics Chapter 6 (Market Equilibrium)

Sr. # Questions Answers Choice
1 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
2 If price is set above equilibrium level, there will be
  • A. surplus commodity in the market
  • B. shortage of commodity in the market
  • C. supply curve will shift
  • D. demand curve will shift
3 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
4 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
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 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
7 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
8 Demands and supply curves cross at
  • A. always at 60 degree
  • B. at 90 degree
  • C. at equal angle
  • D. at any angle
9 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
10 When price is fixed below equilibrium level, there will be
  • A. surplus commodity in the market
  • B. shortage of commodity in the market
  • C. supply curve will shift
  • D. demand curve will shift

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