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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
In case of perfect competition in the market
Question # 2
The concept of perfect competition was introduced by.
Question # 3
Which of the following is NOTa characteristic of perfect competition?
Question # 4
A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
Question # 5
Stock exchange is market where we can buy:
Question # 6
In the business world
Question # 7
Which is NOTtrue
Question # 8
Which of the following markets comes closest to perfect market
Question # 9
Extent of market mainly depends upon.
Question # 10
How many types of markets according to time
Question # 11
Common market of SAARC countries will be called:
Question # 12
Which one of the following is a day to day market.
Question # 13
Under perfect competition MR and AR curves
Question # 14
The market of refrigerators in general is called:
Question # 15
In case of monopoly
Question # 16
A monopoly market can be controlled by.
Question # 17
The extent of market depends upon
Question # 18
Different kinds of imperfect competition are.
Question # 19
Different prices are charged from different customers of the same product. This is called.
Question # 20
Product differentiation is a pre-condition of:
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 -
M Muhammad Bilal 13 - Jan - 2018 03 Min 17 Sec 19/20 -
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A Ali Hassan 10 - Sep - 2022 08 Min 14 Sec 17/20
ICS Part 1 Economics Chapter 12 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | The supply curve of day to day market is. |
A. Touching the horizontal axis
B. Touching the vertical axis
C. Perfactly elastic
D. Perfactly inelastic
|
| 3 | The kind of market is undesirable |
A. general market
B. specialized market
C. local market
D. monopoly market
|
| 4 | When marginal revenue is zero, total revenue is |
A. maximum
B. minimum
C. zero
D. decreasing
|
| 5 | 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
|
| 6 | 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
|
| 7 | 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
|
| 8 | The concept of perfect competition was introduced by. |
A. Adam Smith
B. Alfred Marshall
C. Keynes
D. Malthus
|
| 9 | Stock exchange is market where we can buy: |
A. Shares
B. Foreign exchange
C. Factors of production
D. Consumer goods
|
| 10 | 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
|
Test Questions
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