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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
A short period market is the market of.
Question # 2
A firm under perfect competition is
Question # 3
A monopolist is always interested and obtains.
Question # 4
How many kinds of market?
Question # 5
Stock exchange is market where we can buy:
Question # 6
Different prices are charged from different customers of the same product. This is called.
Question # 7
The market of cars is.
Question # 8
A monopoly market can be controlled by.
Question # 9
Under perfect competition MR and AR curves
Question # 10
Which of the following is NOTa characteristic of perfect competition?
Question # 11
Which is a condition for existence of monopoly
Question # 12
A group of buyers and sellers that exchange a goods or services at a price are called
Question # 13
In the business world
Question # 14
Normal price is a price which prevails
Question # 15
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
Question # 16
Buyers and sellers under perfect competition are.
Question # 17
Marginal revenue is always less than price at all levels of output in
Question # 18
In case of perfect competition in the market
Question # 19
Which is NOTtrue
Question # 20
In case of monopoly
ICS Part 1 Economics Chapter 12 MCQs Test
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| Sr.# | Question | Answer |
|---|---|---|
| 1 | A monopolist is always interested and obtains. |
A. Normal profit
B. Subnormal profit
C. Continues production even at loss
D. Super normal profit
|
| 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 | Different prices are charged from different customers of the same product. This is called. |
A. Short run price
B. Price instability
C. Price discrimination
D. Long run price
|
| 4 | 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
|
| 5 | Stock exchange is market where we can buy: |
A. Shares
B. Foreign exchange
C. Factors of production
D. Consumer goods
|
| 6 | Product differentiation is a pre-condition of: |
A. Perfect competition
B. Imperfect compitition
C. Monopoly
D. Oligopoly
|
| 7 | The market of refrigerators in general is called: |
A. Domestic market
B. Local market
C. International market
D. National market
|
| 8 | 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
|
| 9 | 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
|
| 10 | 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
|
| 11 | A firm under perfect competition is |
A. price maker
B. price breaker
C. price taker
D. price shaker
|
| 12 | The kind of market is undesirable |
A. general market
B. specialized market
C. local market
D. monopoly market
|
| 13 | Which is a condition for existence of monopoly |
A. big size
B. identical product
C. absence of government taxes
D. no close substitute
|
| 14 | 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
|
| 15 | Under perfect competition MR and AR curves |
A. are the same
B. are different
C. intersect each other
D. are parallel
|
| 16 | How many types of markets according to location |
A. 4
B. 5
C. 6
D. 7
|
| 17 | Different kinds of imperfect competition are. |
A. Monopoly
B. Monopolistic competition
C. Oligopoly
D. All the three
|
| 18 | A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called |
A. Market
B. Revenue curve
C. Contact
D. None of these
|
| 19 | How many types of markets according to time |
A. 3
B. 4
C. 5
D. 6
|
Test Questions
