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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
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
Question # 2
Stock exchange is market where we can buy:
Question # 3
Which is NOTtrue
Question # 4
Which of the following is NOTa characteristic of perfect competition?
Question # 5
Common market of SAARC countries will be called:
Question # 6
The market of refrigerators in general is called:
Question # 7
The concept of perfect competition was introduced by.
Question # 8
Marginal revenue is always less than price at all levels of output in
Question # 9
The supply curve of day to day market is.
Question # 10
When marginal revenue is zero, total revenue is
Question # 11
A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
Question # 12
Which is a condition for existence of monopoly
Question # 13
In case of monopoly
Question # 14
The market of cars is.
Question # 15
Normal price is a price which prevails
Question # 16
Product differentiation is a pre-condition of:
Question # 17
Buyers and sellers under perfect competition are.
Question # 18
Under perfect competition MR and AR curves
Question # 19
The kind of market is undesirable
Question # 20
In case of perfect competition in the market
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 Adil 04 - Jan - 2018 00 Min 02 Sec 18/20 -
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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 | 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
|
| 2 | 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
|
| 3 | Common market of SAARC countries will be called: |
A. International market
B. National market
C. Regional market
D. None of the three
|
| 4 | 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
|
| 5 | A group of buyers and sellers that exchange a goods or services at a price are called |
A. Market
B. Commodity
C. Place
D. None of these
|
| 6 | Which of the following markets comes closest to perfect market |
A. wheat market
B. cigarette market
C. cold drinks market
D. stock market
|
| 7 | 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
|
| 8 | How many kinds of market? |
A. 4
B. 5
C. 6
D. 7
|
| 9 | Under perfect competition MR and AR curves |
A. are the same
B. are different
C. intersect each other
D. are parallel
|
| 10 | The kind of market is undesirable |
A. general market
B. specialized market
C. local market
D. monopoly market
|
Test Questions