Order-based MCQ Quiz

Question 1 of 5

Arrange the following events in the correct order, based on how technology is shown to raise supply in the chapter:
(I) Crop production rises
(II) A farmer adopts drip irrigation and weather sensors
(III) Market supply of the crop rises
(IV) The cost of production falls

A II, IV, I and III B I, II, III and IV C III, I, II and IV D II, I, IV and III

Select one option. Answers are shown after the test.

Question 2 of 5

Arrange the following stages of the COVID-19 face mask example in the correct order:
(I) Prices fall back to pre-pandemic levels as demand falls further
(II) The pandemic begins, and demand for masks rises very fast
(III) Suppliers make more masks over time, and prices fall
(IV) Supply cannot catch up immediately, so prices rise a lot

A II, IV, III and I B I, II, III and IV C IV, II, I and III D II, III, IV and I

Select one option. Answers are shown after the test.

Question 3 of 5

Arrange the following events in the correct order, based on the chapter's sanitiser example during COVID-19:
(I) The government caps the maximum retail price of sanitisers under the Essential Commodities Act
(II) Demand for sanitisers surges, leading to stockouts
(III) Many companies start production, and sanitisers become widely available at fair prices
(IV) Some shopkeepers begin hoarding and black-marketing

A II, IV, I and III B I, II, III and IV C IV, II, I and III D II, I, IV and III

Select one option. Answers are shown after the test.

Question 4 of 5

Arrange the following events in the correct order, describing how a price above equilibrium returns to equilibrium:
(I) Sellers cut prices to clear the unsold stock
(II) The price is set above the equilibrium price
(III) The price falls back towards equilibrium
(IV) Sellers offer more mangoes than buyers want, creating excess supply

A II, IV, I and III B I, II, III and IV C IV, I, II and III D II, I, IV and III

Select one option. Answers are shown after the test.

Question 5 of 5

Arrange the following events in the correct order, describing how a price below equilibrium returns to equilibrium:
(I) Buyers compete for the limited mangoes available
(II) The price rises back towards equilibrium
(III) The price is set below the equilibrium price
(IV) Buyers want more mangoes than sellers offer, creating excess demand

A III, IV, I and II B I, II, III and IV C IV, III, I and II D III, I, IV and II

Select one option. Answers are shown after the test.

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