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

Question # 1

How many types of markets according to time

3 A
4 B
5 C
6 D

Question # 2

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 # 3

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 # 4

Market is an area where :

Products are sold A
Buyers and sellers come in contact with each other B
Price flactuates C
Price remain constant D

Question # 5

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 # 6

When marginal revenue is zero, total revenue is

maximum A
minimum B
zero C
decreasing D

Question # 7

Product differentiation is a pre-condition of:

Perfect competition A
Imperfect compitition B
Monopoly C
Oligopoly D

Question # 8

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 # 9

The market of cars is.

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

Question # 10

Under perfect competition MR and AR curves

are the same A
are different B
intersect each other C
are parallel D

Question # 11

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 # 12

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

Natural monopoly A
Social monopoly B
Legal monopoly C
Implied monopoly 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 market of refrigerators in general is called:

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

Question # 15

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 # 16

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 # 17

A monopolist is always interested and obtains.

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

Question # 18

How many types of markets according to location

4 A
5 B
6 C
7 D

Question # 19

Marginal revenue is always less than price at all levels of output in

perfect competition A
monopoly B
both A and B C
none of the above D

Question # 20

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

Sr.#	Question	Answer
1	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
2	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
3	A short period market is the market of.	A. Perishable goods B. Durable goods C. Consumer goods D. Capital goods
4	How many kinds of market?	A. 4 B. 5 C. 6 D. 7
5	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
6	Product differentiation is a pre-condition of:	A. Perfect competition B. Imperfect compitition C. Monopoly D. Oligopoly
7	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
8	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
9	Extent of market mainly depends upon.	A. Availability of means of transport and communication B. Nature of supply C. Government restriction D. Perishable goods
10	The kind of market is undesirable	A. general market B. specialized market C. local market D. monopoly market

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Economics Ics Part 1 English Medium Chapter 12 Online Test

How many types of markets according to time

Extent of market mainly depends upon.

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

Market is an area where :

Which of the following is NOTa characteristic of perfect competition?

When marginal revenue is zero, total revenue is

Product differentiation is a pre-condition of:

Which is NOTtrue

The market of cars is.

Under perfect competition MR and AR curves

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

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

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

The market of refrigerators in general is called:

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

A monopoly market can be controlled by.

A monopolist is always interested and obtains.

How many types of markets according to location

Marginal revenue is always less than price at all levels of output in

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

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