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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
How many types of markets according to time
Question # 2
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
Question # 3
Marginal revenue is always less than price at all levels of output in
Question # 4
A short period market is the market of.
Question # 5
Common market of SAARC countries will be called:
Question # 6
Which of the following is one of the assumptions of perfect competition.
Question # 7
Which is a condition for existence of monopoly
Question # 8
Normal price is a price which prevails
Question # 9
Which of the following markets comes closest to perfect market
Question # 10
Which of the following is NOTa characteristic of perfect competition?
Question # 11
How many kinds of market?
Question # 12
How many types of markets according to location
Question # 13
Which is NOTtrue
Question # 14
The supply curve of day to day market is.
Question # 15
Different kinds of imperfect competition are.
Question # 16
A group of buyers and sellers that exchange a goods or services at a price are called
Question # 17
Different prices are charged from different customers of the same product. This is called.
Question # 18
The market of cars is.
Question # 19
In case of perfect competition in the market
Question # 20
Product differentiation is a pre-condition of:
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 | 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
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| 2 | A firm under perfect competition is |
A. price maker
B. price breaker
C. price taker
D. price shaker
|
| 3 | When marginal revenue is zero, total revenue is |
A. maximum
B. minimum
C. zero
D. decreasing
|
| 4 | The market of refrigerators in general is called: |
A. Domestic market
B. Local market
C. International market
D. National market
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| 5 | 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
|
| 6 | 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
|
| 7 | 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
|
| 8 | The concept of perfect competition was introduced by. |
A. Adam Smith
B. Alfred Marshall
C. Keynes
D. Malthus
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| 9 | A monopolist is always interested and obtains. |
A. Normal profit
B. Subnormal profit
C. Continues production even at loss
D. Super normal profit
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| 10 | Under perfect competition MR and AR curves |
A. are the same
B. are different
C. intersect each other
D. are parallel
|
Test Questions