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This online test contains MCQs about following topics:
Kind of markets . Perfect and imperfect market . Perfect competition . Monopolu . Revenue curves
MCQ's Test For Chapter 12 "Economics Ics Part 1 English Medium Chapter 12 Online Test"
Try The MCQ's Test For Chapter 12 "Economics Ics Part 1 English Medium Chapter 12 Online Test"
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Total Questions20
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Time Allowed30
Economics Ics Part 1 English Medium Chapter 12 Online Test
00:00
Question # 1
Which is NOTtrue
Question # 2
How many types of markets according to time
Question # 3
Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called
Question # 4
The market of refrigerators in general is called:
Question # 5
Market is an area where :
Question # 6
A group of buyers and sellers that exchange a goods or services at a price are called
Question # 7
In case of monopoly
Question # 8
Product differentiation is a pre-condition of:
Question # 9
How many types of markets according to location
Question # 10
The major difference between perfect competition and monopolistic competition is
Question # 11
When marginal revenue is zero, total revenue is
Question # 12
Common market of SAARC countries will be called:
Question # 13
Different prices are charged from different customers of the same product. This is called.
Question # 14
A firm under perfect competition is
Question # 15
The market of cars is.
Question # 16
A monopolist is always interested and obtains.
Question # 17
How many kinds of market?
Question # 18
Which is a condition for existence of monopoly
Question # 19
Under perfect competition MR and AR curves
Question # 20
Marginal revenue is always less than price at all levels of output in
ICS Part 1 Economics Chapter 12 MCQs Test
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ICS Part 1 Economics Chapter 12 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | The major difference between perfect competition and monopolistic competition is |
A. unity of frims
B. differentiated product
C. rate of profit
D. free exit and entry
|
| 2 | Which one of the following is a day to day market. |
A. The market of perishable goods
B. The market of refrigerators
C. The market of stationary
D. None of the three
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| 3 | Which of the following markets comes closest to perfect market |
A. wheat market
B. cigarette market
C. cold drinks market
D. stock market
|
| 4 | A monopolist is always interested and obtains. |
A. Normal profit
B. Subnormal profit
C. Continues production even at loss
D. Super normal profit
|
| 5 | Malaysia enjoys monopoly on rubber, but which kind of monopoluit is. |
A. Natural monopoly
B. Social monopoly
C. Legal monopoly
D. Implied monopoly
|
| 6 | Different kinds of imperfect competition are. |
A. Monopoly
B. Monopolistic competition
C. Oligopoly
D. All the three
|
| 7 | Buyers and sellers under perfect competition are. |
A. The same in number
B. Large in number
C. Small in number
D. None of the above
|
| 8 | In the business world |
A. a firm working under perfect competition wants to become a monopoly
B. a firm working under monopoly wants to become a competitive firm
C. monopoly price is always higher than competitive price
D. competitive price is always higher than monopoly price
|
| 9 | The kind of market is undesirable |
A. general market
B. specialized market
C. local market
D. monopoly market
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| 10 | Marginal revenue is always less than price at all levels of output in |
A. perfect competition
B. monopoly
C. both A and B
D. none of the above
|
Test Questions