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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
A firm under perfect competition is
Question # 2
The concept of perfect competition was introduced by.
Question # 3
How many types of markets according to location
Question # 4
When marginal revenue is zero, total revenue is
Question # 5
The kind of market is undesirable
Question # 6
The supply curve of day to day market is.
Question # 7
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
Question # 8
Market is an area where :
Question # 9
Common market of SAARC countries will be called:
Question # 10
Buyers and sellers under perfect competition are.
Question # 11
A monopolist is always interested and obtains.
Question # 12
A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
Question # 13
In the business world
Question # 14
The major difference between perfect competition and monopolistic competition is
Question # 15
A group of buyers and sellers that exchange a goods or services at a price are called
Question # 16
How many kinds of market?
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
Which of the following is NOTa characteristic of perfect competition?
Question # 19
A monopoly market can be controlled by.
Question # 20
How many types of markets according to time
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 -
S Shaista zarin 24 - Jan - 2018 03 Min 46 Sec 19/20 -
M Maheen 20 - Feb - 2021 04 Min 30 Sec 19/20 -
R romana 24 - Jun - 2021 07 Min 13 Sec 19/20 -
A Adil 04 - Jan - 2018 00 Min 02 Sec 18/20 -
S shrushti 22 - Feb - 2021 02 Min 20 Sec 18/20 -
K Kazim 27 - Dec - 2017 04 Min 39 Sec 18/20 -
H hijab 06 - Oct - 2018 21 Min 10 Sec 18/20 -
H hanif 21 - Jan - 2018 03 Min 24 Sec 17/20 -
M M.Attiq-U-Rehman 25 - Nov - 2023 03 Min 32 Sec 17/20 -
Z zainab nouman 08 - May - 2024 03 Min 52 Sec 17/20 -
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 | Which of the following is one of the assumptions of perfect competition. |
A. few buyers and few sellers
B. many buyers and few sellers
C. many buyers and many sellers
D. all sellers and buyers are honest
|
| 2 | How many types of markets according to location |
A. 4
B. 5
C. 6
D. 7
|
| 3 | A firm under perfect competition is |
A. price maker
B. price breaker
C. price taker
D. price shaker
|
| 4 | Stock exchange is market where we can buy: |
A. Shares
B. Foreign exchange
C. Factors of production
D. Consumer goods
|
| 5 | The concept of perfect competition was introduced by. |
A. Adam Smith
B. Alfred Marshall
C. Keynes
D. Malthus
|
| 6 | 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
|
| 7 | 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
|
| 8 | The market of cars is. |
A. International market
B. Regional market
C. Local market
D. Domestic market
|
| 9 | A monopoly market can be controlled by. |
A. Fixing of the price by the government
B. Administrative measures
C. Introduction of substitutes
D. Nationalisation
|
| 10 | Which is NOTtrue |
A. perfect monopoly does not exist in real world
B. perfect competition does not exist in real world
C. every monopoly is evil
D. every firm wants to reduce competition
|
Test Questions