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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
Stock exchange is market where we can buy:
Question # 2
Buyers and sellers under perfect competition are.
Question # 3
A firm under perfect competition is
Question # 4
When marginal revenue is zero, total revenue is
Question # 5
Product differentiation is a pre-condition of:
Question # 6
A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
Question # 7
The supply curve of day to day market is.
Question # 8
Under perfect competition MR and AR curves
Question # 9
The extent of market depends upon
Question # 10
Which of the following is one of the assumptions of perfect competition.
Question # 11
The kind of market is undesirable
Question # 12
How many kinds of market?
Question # 13
Different kinds of imperfect competition are.
Question # 14
Different prices are charged from different customers of the same product. This is called.
Question # 15
How many types of markets according to time
Question # 16
A short period market is the market of.
Question # 17
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
Question # 18
Which is NOTtrue
Question # 19
In the business world
Question # 20
The major difference between perfect competition and monopolistic competition is
ICS Part 1 Economics Chapter 12 MCQs Test
Top Scorers Of Chapter 12 "Economics Ics Part 1 English Medium Chapter 12 Online Test" MCQ`s Test
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H hamza abid 11 - Aug - 2021 10 Min 50 Sec 20/20 -
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ICS Part 1 Economics Chapter 12 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | 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
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| 3 | The market of refrigerators in general is called: |
A. Domestic market
B. Local market
C. International market
D. National market
|
| 4 | 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
|
| 5 | Market is an area where : |
A. Products are sold
B. Buyers and sellers come in contact with each other
C. Price flactuates
D. Price remain constant
|
| 6 | 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
|
| 7 | Which is a condition for existence of monopoly |
A. big size
B. identical product
C. absence of government taxes
D. no close substitute
|
| 8 | Extent of market mainly depends upon. |
A. Availability of means of transport and communication
B. Nature of supply
C. Government restriction
D. Perishable goods
|
| 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
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| 10 | 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
|
Test Questions