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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
Market is an area where :
Question # 2
Which of the following is NOTa characteristic of perfect competition?
Question # 3
Which of the following markets comes closest to perfect market
Question # 4
The supply curve of day to day market is.
Question # 5
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
Question # 6
Buyers and sellers under perfect competition are.
Question # 7
Extent of market mainly depends upon.
Question # 8
A short period market is the market of.
Question # 9
A monopolist is always interested and obtains.
Question # 10
In case of perfect competition in the market
Question # 11
The concept of perfect competition was introduced by.
Question # 12
Which is NOTtrue
Question # 13
Product differentiation is a pre-condition of:
Question # 14
Normal price is a price which prevails
Question # 15
The major difference between perfect competition and monopolistic competition is
Question # 16
How many types of markets according to location
Question # 17
Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called
Question # 18
Common market of SAARC countries will be called:
Question # 19
Under perfect competition MR and AR curves
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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H hamza abid 11 - Aug - 2021 10 Min 50 Sec 20/20 -
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ICS Part 1 Economics Chapter 12 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Different kinds of imperfect competition are. |
A. Monopoly
B. Monopolistic competition
C. Oligopoly
D. All the three
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| 2 | Which one of the following is a day to day market. |
A. The market of perishable goods
B. The market of refrigerators
C. The market of stationary
D. None of the three
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| 3 | Which is a condition for existence of monopoly |
A. big size
B. identical product
C. absence of government taxes
D. no close substitute
|
| 4 | A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called |
A. Market
B. Revenue curve
C. Contact
D. None of these
|
| 5 | 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
|
| 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 | A firm under perfect competition is |
A. price maker
B. price breaker
C. price taker
D. price shaker
|
| 8 | The market of refrigerators in general is called: |
A. Domestic market
B. Local market
C. International market
D. National market
|
| 9 | 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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| 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