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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 mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
Question # 2
The extent of market depends upon
Question # 3
Different prices are charged from different customers of the same product. This is called.
Question # 4
Which of the following markets comes closest to perfect market
Question # 5
A monopolist is always interested and obtains.
Question # 6
A group of buyers and sellers that exchange a goods or services at a price are called
Question # 7
Stock exchange is market where we can buy:
Question # 8
The major difference between perfect competition and monopolistic competition is
Question # 9
Which is NOTtrue
Question # 10
The market of refrigerators in general is called:
Question # 11
Which is a condition for existence of monopoly
Question # 12
In case of perfect competition in the market
Question # 13
Under perfect competition MR and AR curves
Question # 14
How many kinds of market?
Question # 15
In case of monopoly
Question # 16
How many types of markets according to time
Question # 17
In the business world
Question # 18
A short period market is the market of.
Question # 19
How many types of markets according to location
Question # 20
Marginal revenue is always less than price at all levels of output in
ICS Part 1 Economics Chapter 12 MCQs Test
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ICS Part 1 Economics Chapter 12 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Malaysia enjoys monopoly on rubber, but which kind of monopoluit is. |
A. Natural monopoly
B. Social monopoly
C. Legal monopoly
D. Implied monopoly
|
| 2 | 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
|
| 3 | How many types of markets according to location |
A. 4
B. 5
C. 6
D. 7
|
| 4 | How many kinds of market? |
A. 4
B. 5
C. 6
D. 7
|
| 5 | 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
|
| 6 | A monopoly market can be controlled by. |
A. Fixing of the price by the government
B. Administrative measures
C. Introduction of substitutes
D. Nationalisation
|
| 7 | Which of the following markets comes closest to perfect market |
A. wheat market
B. cigarette market
C. cold drinks market
D. stock market
|
| 8 | 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
|
| 9 | A firm under perfect competition is |
A. price maker
B. price breaker
C. price taker
D. price shaker
|
| 10 | The extent of market depends upon |
A. Means of transport and communication
B. Political instability
C. Economics instability
D. Trade restriction
|
Test Questions