11th class Economics chapter 12 online mcq test with answers for ICS part 1 Economics chapter 12 (Market and Revenue Analysis)

Question # 1

Which one of the following is a day to day market.

The market of perishable goods A
The market of refrigerators B
The market of stationary C
None of the three D

Question # 2

A short period market is the market of.

Perishable goods A
Durable goods B
Consumer goods C
Capital goods D

Question # 3

How many kinds of market?

4 A
5 B
6 C
7 D

Question # 4

Common market of SAARC countries will be called:

International market A
National market B
Regional market C
None of the three D

Question # 5

When marginal revenue is zero, total revenue is

maximum A
minimum B
zero C
decreasing D

Question # 6

Extent of market mainly depends upon.

Availability of means of transport and communication A
Nature of supply B
Government restriction C
Perishable goods D

Question # 7

Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.

Natural monopoly A
Social monopoly B
Legal monopoly C
Implied monopoly D

Question # 8

A monopolist is always interested and obtains.

Normal profit A
Subnormal profit B
Continues production even at loss C
Super normal profit D

Question # 9

The extent of market depends upon

Means of transport and communication A
Political instability B
Economics instability C
Trade restriction D

Question # 10

Which of the following is NOTa characteristic of perfect competition?

free entry and exit of the firm A
demand curve of a firm is horizontal B
marginal revenue curve is horizontal C
individual firm can influence the price D

Question # 11

The supply curve of day to day market is.

Touching the horizontal axis A
Touching the vertical axis B
Perfactly elastic C
Perfactly inelastic D

Question # 12

Stock exchange is market where we can buy:

Shares A
Foreign exchange B
Factors of production C
Consumer goods D

Question # 13

A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called

Market A
Revenue curve B
Contact C
None of these D

Question # 14

The major difference between perfect competition and monopolistic competition is

unity of frims A
differentiated product B
rate of profit C
free exit and entry D

Question # 15

In the business world

a firm working under perfect competition wants to become a monopoly A
a firm working under monopoly wants to become a competitive firm B
monopoly price is always higher than competitive price C
competitive price is always higher than monopoly price D

Question # 16

The market of cars is.

International market A
Regional market B
Local market C
Domestic market D

Question # 17

How many types of markets according to location

4 A
5 B
6 C
7 D

Question # 18

In case of monopoly

marginal revenue curve always slopes upward A
total revenue curve always slopes upward B
marginal revenue is always equal to average revenue C
marginal revenue is always less than average revenue D

Question # 19

Which is NOTtrue

perfect monopoly does not exist in real world A
perfect competition does not exist in real world B
every monopoly is evil C
every firm wants to reduce competition D

Question # 20

Buyers and sellers under perfect competition are.

The same in number A
Large in number B
Small in number C
None of the above D

Sr.#	Question	Answer
1	The supply curve of day to day market is.	A. Touching the horizontal axis B. Touching the vertical axis C. Perfactly elastic D. Perfactly inelastic
2	How many kinds of market?	A. 4 B. 5 C. 6 D. 7
3	The extent of market depends upon	A. Means of transport and communication B. Political instability C. Economics instability D. Trade restriction
4	A short period market is the market of.	A. Perishable goods B. Durable goods C. Consumer goods D. Capital goods
5	Which is NOTtrue	A. perfect monopoly does not exist in real world B. perfect competition does not exist in real world C. every monopoly is evil D. every firm wants to reduce competition
6	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
7	Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called	A. Revenue curve under perfect competition B. Monopoly curve C. Total revenue curve D. None of these
8	The market of refrigerators in general is called:	A. Domestic market B. Local market C. International market D. National market
9	A group of buyers and sellers that exchange a goods or services at a price are called	A. Market B. Commodity C. Place D. None of these
10	When marginal revenue is zero, total revenue is	A. maximum B. minimum C. zero D. decreasing

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