11th class Economics chapter 6 online mcq test with answers for ICS part 1 Economics chapter 6 (Market Equilibrium)

Economics Ics Part 1 English Medium Chapter 6 Online Test

Sr. #	Questions	Answers Choice
1	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
2	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
3	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
4	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
5	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
6	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
7	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
8	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
9	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
10	If equilibrium price rises but equilibrium quantity remains unchanged, the cause is	supply and demand both increase equally supply and demand both decrease equally supply decreases and demand increases supply increases and demand decreases
11	When price is fixed below equilibrium level, there will be	surplus commodity in the market shortage of commodity in the market supply curve will shift demand curve will shift
12	A decrease in demand causes the equilibrium price to	rise fall remain constant indeterminate

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