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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
Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called
Question # 2
In the business world
Question # 3
Which is a condition for existence of monopoly
Question # 4
When marginal revenue is zero, total revenue is
Question # 5
The market of refrigerators in general is called:
Question # 6
The major difference between perfect competition and monopolistic competition is
Question # 7
How many types of markets according to time
Question # 8
Which one of the following is a day to day market.
Question # 9
How many types of markets according to location
Question # 10
Marginal revenue is always less than price at all levels of output in
Question # 11
Extent of market mainly depends upon.
Question # 12
The concept of perfect competition was introduced by.
Question # 13
A group of buyers and sellers that exchange a goods or services at a price are called
Question # 14
A short period market is the market of.
Question # 15
The market of cars is.
Question # 16
Under perfect competition MR and AR curves
Question # 17
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
Question # 18
Which of the following is NOTa characteristic of perfect competition?
Question # 19
Which of the following markets comes closest to perfect market
Question # 20
In case of monopoly
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 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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ICS Part 1 Economics Chapter 12 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | A monopolist is always interested and obtains. |
A. Normal profit
B. Subnormal profit
C. Continues production even at loss
D. Super normal profit
|
| 2 | 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
|
| 3 | How many types of markets according to time |
A. 3
B. 4
C. 5
D. 6
|
| 4 | Market is an area where : |
A. Products are sold
B. Buyers and sellers come in contact with each other
C. Price flactuates
D. Price remain constant
|
| 5 | 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
|
| 6 | 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
|
| 7 | How many types of markets according to location |
A. 4
B. 5
C. 6
D. 7
|
| 8 | Buyers and sellers under perfect competition are. |
A. The same in number
B. Large in number
C. Small in number
D. None of the above
|
| 9 | Which is a condition for existence of monopoly |
A. big size
B. identical product
C. absence of government taxes
D. no close substitute
|
| 10 | Which of the following markets comes closest to perfect market |
A. wheat market
B. cigarette market
C. cold drinks market
D. stock market
|
Test Questions
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