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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
Under perfect competition MR and AR curves
Question # 2
Normal price is a price which prevails
Question # 3
In case of monopoly
Question # 4
When marginal revenue is zero, total revenue is
Question # 5
The concept of perfect competition was introduced by.
Question # 6
Marginal revenue is always less than price at all levels of output in
Question # 7
A short period market is the market of.
Question # 8
Market is an area where :
Question # 9
A monopolist is always interested and obtains.
Question # 10
A group of buyers and sellers that exchange a goods or services at a price are called
Question # 11
Extent of market mainly depends upon.
Question # 12
Which is a condition for existence of monopoly
Question # 13
A firm under perfect competition is
Question # 14
The supply curve of day to day market is.
Question # 15
Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called
Question # 16
How many kinds of market?
Question # 17
Which one of the following is a day to day market.
Question # 18
How many types of markets according to location
Question # 19
Which of the following is NOTa characteristic of perfect competition?
Question # 20
The major difference between perfect competition and monopolistic competition is
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 | A firm under perfect competition is |
A. price maker
B. price breaker
C. price taker
D. price shaker
|
| 2 | How many types of markets according to location |
A. 4
B. 5
C. 6
D. 7
|
| 3 | 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
|
| 4 | 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
|
| 5 | Stock exchange is market where we can buy: |
A. Shares
B. Foreign exchange
C. Factors of production
D. Consumer goods
|
| 6 | The market of cars is. |
A. International market
B. Regional market
C. Local market
D. Domestic market
|
| 7 | The market of refrigerators in general is called: |
A. Domestic market
B. Local market
C. International market
D. National market
|
| 8 | 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
|
| 9 | Which of the following markets comes closest to perfect market |
A. wheat market
B. cigarette market
C. cold drinks market
D. stock market
|
| 10 | The supply curve of day to day market is. |
A. Touching the horizontal axis
B. Touching the vertical axis
C. Perfactly elastic
D. Perfactly inelastic
|
Test Questions
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