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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
Product differentiation is a pre-condition of:
Question # 2
Common market of SAARC countries will be called:
Question # 3
The kind of market is undesirable
Question # 4
The major difference between perfect competition and monopolistic competition is
Question # 5
Which of the following is one of the assumptions of perfect competition.
Question # 6
Different kinds of imperfect competition are.
Question # 7
Stock exchange is market where we can buy:
Question # 8
A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
Question # 9
Normal price is a price which prevails
Question # 10
A monopolist is always interested and obtains.
Question # 11
Which of the following markets comes closest to perfect market
Question # 12
The market of refrigerators in general is called:
Question # 13
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
Question # 14
Which of the following is NOTa characteristic of perfect competition?
Question # 15
The market of cars is.
Question # 16
A short period market is the market of.
Question # 17
The supply curve of day to day market is.
Question # 18
In case of monopoly
Question # 19
Marginal revenue is always less than price at all levels of output in
Question # 20
In case of perfect competition in the market
ICS Part 1 Economics Chapter 12 MCQs Test
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H hamza abid 11 - Aug - 2021 10 Min 50 Sec 20/20 -
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| Sr.# | Question | Answer |
|---|---|---|
| 1 | Different kinds of imperfect competition are. |
A. Monopoly
B. Monopolistic competition
C. Oligopoly
D. All the three
|
| 2 | Which of the following is NOTa characteristic of perfect competition? |
A. free entry and exit of the firm
B. demand curve of a firm is horizontal
C. marginal revenue curve is horizontal
D. individual firm can influence the price
|
| 3 | 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
|
| 4 | The market of cars is. |
A. International market
B. Regional market
C. Local market
D. Domestic market
|
| 5 | 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
|
| 6 | Normal price is a price which prevails |
A. In day to day market
B. In domestic market
C. In the long run market
D. In a foreign market
|
| 7 | In case of monopoly |
A. marginal revenue curve always slopes upward
B. total revenue curve always slopes upward
C. marginal revenue is always equal to average revenue
D. marginal revenue is always less than average revenue
|
| 8 | Under perfect competition MR and AR curves |
A. are the same
B. are different
C. intersect each other
D. are parallel
|
| 9 | Common market of SAARC countries will be called: |
A. International market
B. National market
C. Regional market
D. None of the three
|
| 10 | Stock exchange is market where we can buy: |
A. Shares
B. Foreign exchange
C. Factors of production
D. Consumer goods
|
| 11 | Product differentiation is a pre-condition of: |
A. Perfect competition
B. Imperfect compitition
C. Monopoly
D. Oligopoly
|
| 12 | 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
|
| 13 | The kind of market is undesirable |
A. general market
B. specialized market
C. local market
D. monopoly market
|
| 14 | 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
|
| 15 | How many kinds of market? |
A. 4
B. 5
C. 6
D. 7
|
| 16 | 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
|
| 17 | 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
|
| 18 | A monopolist is always interested and obtains. |
A. Normal profit
B. Subnormal profit
C. Continues production even at loss
D. Super normal profit
|
| 19 | A firm under perfect competition is |
A. price maker
B. price breaker
C. price taker
D. price shaker
|
Test Questions
