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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
Which of the following markets comes closest to perfect market
Question # 2
The concept of perfect competition was introduced by.
Question # 3
The market of cars is.
Question # 4
A firm under perfect competition is
Question # 5
How many types of markets according to time
Question # 6
Different kinds of imperfect competition are.
Question # 7
In the business world
Question # 8
A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
Question # 9
Market is an area where :
Question # 10
Normal price is a price which prevails
Question # 11
The kind of market is undesirable
Question # 12
How many types of markets according to location
Question # 13
Common market of SAARC countries will be called:
Question # 14
A monopolist is always interested and obtains.
Question # 15
The extent of market depends upon
Question # 16
A monopoly market can be controlled by.
Question # 17
A short period market is the market of.
Question # 18
In case of monopoly
Question # 19
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
Question # 20
The market of refrigerators in general is called:
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 Humaira 26 - Jan - 2018 03 Min 06 Sec 20/20 -
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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M Maheen 20 - Feb - 2021 04 Min 30 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 | 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
|
| 2 | 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
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| 3 | 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
|
| 4 | Under perfect competition MR and AR curves |
A. are the same
B. are different
C. intersect each other
D. are parallel
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| 5 | The kind of market is undesirable |
A. general market
B. specialized market
C. local market
D. monopoly market
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| 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
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| 7 | 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
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| 8 | 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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| 9 | Product differentiation is a pre-condition of: |
A. Perfect competition
B. Imperfect compitition
C. Monopoly
D. Oligopoly
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| 10 | In case of perfect competition in the market |
A. marginal revenue curve always slopes upward
B. marginal revenue curve always slopes downward
C. marginal revenue is always equal to average revenue
D. marginal revenue is always less than to average revenue
|
Test Questions
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