CMA Foundation MCQ Quiz Economics Lesson 1.3 – Part 4April 8, 2026 Maven Leave a Comment Welcome to the CMA Foundation MCQ Quiz Economics Lesson 1.3 – Part 4 quiz! Name Email 1. Equilibrium price is the price at which: Supply is greater than demand Demand is greater than supply Quantity demanded equals quantity supplied Government fixes the price of a commodity None 2. At a price above the equilibrium price: Demand exceeds supply Supply exceeds demand Demand equals supply There is no change in market conditions None 3. When supply is constant and demand increases, the equilibrium price will: Falls and then rises Remain unchanged Fall Rise None 4. When demand is constant and supply increases, the equilibrium price will: Rise Fall Double Remain unchanged None 5. When both demand and supply increase in the same proportion, the equilibrium price will: Rise Fall Fluctuate Remain unchanged None 6. When demand increases and supply decreases, the equilibrium price will: Remain unchanged Become zero Rise Fall None 7. When supply increases and demand decreases, the equilibrium price will: Rise Fall Remain unchanged Become infinity None 8. When demand increases more than supply increases, the equilibrium price will: Rise Fall Become negative Remain unchanged None 9. When supply increases more than demand increases, the equilibrium price will: Rise Fall Become perfectly elastic Remain unchanged None 10. Equilibrium price is also called: Market clearing price Government controlled price Minimum price Maximum price None 11. Demand forecasting means: Measuring the elasticity of demand for a product Estimating past demand for a product Estimating current demand for a product Estimating future demand for a product at the present time None 12. Which of the following is NOT a method of demand forecasting? Expert opinion method Survey of buyers intentions Controlled experiments Point method None 13. In the collective opinion method of demand forecasting: Sales force and field staff opinions are collected and combined Experts in the field are consulted Past data is analysed using statistical tools Buyers are directly asked about future purchase plans None 14. Consumer surplus is defined as: Total utility minus marginal utility Willing price minus actual price Actual price minus willing price Market price minus cost price None 15. Which of the following is a determinant of consumption? Technology Government policy Future income Number of firms in the market None Time's upRelated Posts:CMA Foundation MCQ Quiz Economics Lesson 1.3 - Part 1CMA Foundation MCQ Quiz Economics Lesson 1.3 – Part 2CMA Foundation MCQ Quiz Economics Lesson 1.3 – Part 3CMA Foundation MCQ Quiz Economics Lesson 1.5 - Part 1
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