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

Question # 1

Which of the following is one of the assumptions of perfect competition.

few buyers and few sellers A
many buyers and few sellers B
many buyers and many sellers C
all sellers and buyers are honest D

Question # 2

Which of the following markets comes closest to perfect market

wheat market A
cigarette market B
cold drinks market C
stock market D

Question # 3

Common market of SAARC countries will be called:

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

Question # 4

Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called

Revenue curve under perfect competition A
Monopoly curve B
Total revenue curve C
None of these D

Question # 5

When marginal revenue is zero, total revenue is

maximum A
minimum B
zero C
decreasing D

Question # 6

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 # 7

A monopoly market can be controlled by.

Fixing of the price by the government A
Administrative measures B
Introduction of substitutes C
Nationalisation D

Question # 8

Different prices are charged from different customers of the same product. This is called.

Short run price A
Price instability B
Price discrimination C
Long run price D

Question # 9

How many types of markets according to time

3 A
4 B
5 C
6 D

Question # 10

Different kinds of imperfect competition are.

Monopoly A
Monopolistic competition B
Oligopoly C
All the three D

Question # 11

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 # 12

The extent of market depends upon

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

Question # 13

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 # 14

Stock exchange is market where we can buy:

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

Question # 15

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 # 16

A group of buyers and sellers that exchange a goods or services at a price are called

Market A
Commodity B
Place C
None of these D

Question # 17

Which is a condition for existence of monopoly

big size A
identical product B
absence of government taxes C
no close substitute D

Question # 18

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

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

Question # 19

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 # 20

The market of refrigerators in general is called:

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

Sr.#	Question	Answer
1	Different kinds of imperfect competition are.	A. Monopoly B. Monopolistic competition C. Oligopoly D. All the three
2	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
3	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
4	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
5	How many types of markets according to location	A. 4 B. 5 C. 6 D. 7
6	Stock exchange is market where we can buy:	A. Shares B. Foreign exchange C. Factors of production D. Consumer goods
7	The market of cars is.	A. International market B. Regional market C. Local market D. Domestic market
8	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
9	Common market of SAARC countries will be called:	A. International market B. National market C. Regional market D. None of the three
10	Which of the following is one of the assumptions of perfect competition.	A. few buyers and few sellers B. many buyers and few sellers C. many buyers and many sellers D. all sellers and buyers are honest

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Economics Ics Part 1 English Medium Chapter 12 Online Test

Which of the following is one of the assumptions of perfect competition.

Which of the following markets comes closest to perfect market

Common market of SAARC countries will be called:

Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called

When marginal revenue is zero, total revenue is

In the business world

A monopoly market can be controlled by.

Different prices are charged from different customers of the same product. This is called.

How many types of markets according to time

Different kinds of imperfect competition are.

In case of monopoly

The extent of market depends upon

The major difference between perfect competition and monopolistic competition is

Stock exchange is market where we can buy:

Extent of market mainly depends upon.

A group of buyers and sellers that exchange a goods or services at a price are called

Which is a condition for existence of monopoly

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

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

The market of refrigerators in general is called:

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