NCERT Class 12 Economics Chapter 5 Market Equilibrium Test Mock Test
This free online test covers Chapter 5, Market Equilibrium, from the NCERT Class 12 Introductory Microeconomics textbook. The 30 questions are written directly from the chapter — definitions, processes, worked examples and the points the book italicises — so a score here tells you how much of the chapter actually stuck, not how well you guess. Each answer carries an explanation that says why the right option is right and why the other three fail, which is where most of the learning happens. Attempt it after your first read of the chapter, then again before the exam. There is no negative marking, and you can review the full solution the moment you submit.
Duration
30 mins
Questions
30 MCQs
Total Marks
30 pts
Negative
0 per wrong
Topics Covered in This Paper
Sample Questions
Q1.An equilibrium in a perfectly competitive market is defined as:
- AA situation where every firm earns the maximum possible profit regardless of what consumers buy
- BA situation where the quantity supplied permanently exceeds the quantity demanded
- CA situation where the government fixes the price at which goods must be sold
- DA situation where the plans of all consumers and firms in the market match and the market clears, so that market supply equals market demand
Q2.Excess demand and excess supply are said to exist respectively when:
- AMarket supply exceeds market demand at a price, and market demand is greater than market supply at a price
- BThe government imposes a price ceiling, and the government imposes a price floor
- CMarket demand exceeds market supply at a price, and market supply is greater than market demand at a price
- DThe price is above the equilibrium price, and the price is below the equilibrium price
Q3.The Invisible Hand, an idea traced in the chapter to Adam Smith, is assumed to:
- AKeep prices unchanged whatever the state of the market
- BFix prices at the level the government considers desirable
- CRaise prices in case of excess demand and lower them in case of excess supply, and by following this process to reach equilibrium
- DLower prices in case of excess demand and raise them in case of excess supply
Before you begin
The test will auto-submit when the timer runs out.
Each correct answer carries +1 marks.
Each wrong answer carries -0 marks.
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Disclaimer: The questions provided here are extracted and digitized from previous year papers using automated processes. They may contain typographical errors, formatting issues, or minor variations from the actual examination paper. While we have done our best to verify the accuracy of the official answer keys, discrepancies may occasionally exist. Please refer to the official commission website for the most authentic paper.
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FAQ
Frequently asked questions
Frequently Asked Questions
- How many questions are in the NCERT Class 12 Economics Chapter 5 Market Equilibrium Test mock test?
- This paper has 30 multiple-choice questions carrying 30 marks in total, to be attempted in 30 minutes.
- Is the NCERT Class 12 Economics Chapter 5 Market Equilibrium Test mock test free to attempt?
- Yes. You can attempt the full paper online for free on AI Test Planet, and see your score and correct answers immediately after submitting.
- Does this paper have negative marking?
- No, there is no negative marking on this paper, so an attempted guess costs you nothing.
- Are solutions and explanations available?
- Yes. After you submit, every question shows the correct answer with a step-by-step explanation, along with a topic-wise breakdown of your performance.