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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
The supply curve of day to day market is.
Question # 2
When marginal revenue is zero, total revenue is
Question # 3
A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
Question # 4
The market of cars is.
Question # 5
The market of refrigerators in general is called:
Question # 6
A monopoly market can be controlled by.
Question # 7
Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called
Question # 8
Extent of market mainly depends upon.
Question # 9
A group of buyers and sellers that exchange a goods or services at a price are called
Question # 10
Marginal revenue is always less than price at all levels of output in
Question # 11
The concept of perfect competition was introduced by.
Question # 12
Under perfect competition MR and AR curves
Question # 13
Which of the following is NOTa characteristic of perfect competition?
Question # 14
Different prices are charged from different customers of the same product. This is called.
Question # 15
Buyers and sellers under perfect competition are.
Question # 16
Product differentiation is a pre-condition of:
Question # 17
Different kinds of imperfect competition are.
Question # 18
Which of the following is one of the assumptions of perfect competition.
Question # 19
Which one of the following is a day to day market.
Question # 20
How many types of markets according to location
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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ICS Part 1 Economics Chapter 12 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 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
|
| 3 | A monopoly market can be controlled by. |
A. Fixing of the price by the government
B. Administrative measures
C. Introduction of substitutes
D. Nationalisation
|
| 4 | A monopolist is always interested and obtains. |
A. Normal profit
B. Subnormal profit
C. Continues production even at loss
D. Super normal profit
|
| 5 | 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
|
| 6 | The extent of market depends upon |
A. Means of transport and communication
B. Political instability
C. Economics instability
D. Trade restriction
|
| 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
|
| 8 | A firm under perfect competition is |
A. price maker
B. price breaker
C. price taker
D. price shaker
|
| 9 | Different kinds of imperfect competition are. |
A. Monopoly
B. Monopolistic competition
C. Oligopoly
D. All the three
|
| 10 | 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
|
Test Questions