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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
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Question # 1
The supply curve of day to day market is.
Question # 2
Marginal revenue is always less than price at all levels of output in
Question # 3
Product differentiation is a pre-condition of:
Question # 4
A firm under perfect competition is
Question # 5
Extent of market mainly depends upon.
Question # 6
Under perfect competition MR and AR curves
Question # 7
In case of perfect competition in the market
Question # 8
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
Question # 9
A short period market is the market of.
Question # 10
The concept of perfect competition was introduced by.
Question # 11
How many types of markets according to time
Question # 12
The market of cars is.
Question # 13
When marginal revenue is zero, total revenue is
Question # 14
Buyers and sellers under perfect competition are.
Question # 15
Which of the following is NOTa characteristic of perfect competition?
Question # 16
Market is an area where :
Question # 17
Different kinds of imperfect competition are.
Question # 18
Stock exchange is market where we can buy:
Question # 19
The major difference between perfect competition and monopolistic competition is
Question # 20
Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called
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 | How many kinds of market? |
A. 4
B. 5
C. 6
D. 7
|
| 2 | Under perfect competition MR and AR curves |
A. are the same
B. are different
C. intersect each other
D. are parallel
|
| 3 | 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
|
| 4 | When marginal revenue is zero, total revenue is |
A. maximum
B. minimum
C. zero
D. decreasing
|
| 5 | 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
|
| 6 | 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
|
| 7 | Extent of market mainly depends upon. |
A. Availability of means of transport and communication
B. Nature of supply
C. Government restriction
D. Perishable goods
|
| 8 | The market of cars is. |
A. International market
B. Regional market
C. Local market
D. Domestic market
|
| 9 | In case of monopoly |
A. marginal revenue curve always slopes upward
B. total revenue curve always slopes upward
C. marginal revenue is always equal to average revenue
D. marginal revenue is always less than average revenue
|
| 10 | The concept of perfect competition was introduced by. |
A. Adam Smith
B. Alfred Marshall
C. Keynes
D. Malthus
|
Test Questions