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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
Which is NOTtrue
Question # 2
Product differentiation is a pre-condition of:
Question # 3
A group of buyers and sellers that exchange a goods or services at a price are called
Question # 4
The market of cars is.
Question # 5
The supply curve of day to day market is.
Question # 6
How many types of markets according to location
Question # 7
Which of the following is one of the assumptions of perfect competition.
Question # 8
Which is a condition for existence of monopoly
Question # 9
Marginal revenue is always less than price at all levels of output in
Question # 10
In case of monopoly
Question # 11
Under perfect competition MR and AR curves
Question # 12
The major difference between perfect competition and monopolistic competition is
Question # 13
Which of the following markets comes closest to perfect market
Question # 14
The market of refrigerators in general is called:
Question # 15
Market is an area where :
Question # 16
Extent of market mainly depends upon.
Question # 17
A short period market is the market of.
Question # 18
A firm under perfect competition is
Question # 19
How many types of markets according to time
Question # 20
Different prices are charged from different customers of the same product. This is called.
ICS Part 1 Economics Chapter 12 MCQs Test
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| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | When marginal revenue is zero, total revenue is |
A. maximum
B. minimum
C. zero
D. decreasing
|
| 3 | The extent of market depends upon |
A. Means of transport and communication
B. Political instability
C. Economics instability
D. Trade restriction
|
| 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 | A monopolist is always interested and obtains. |
A. Normal profit
B. Subnormal profit
C. Continues production even at loss
D. Super normal profit
|
| 6 | How many types of markets according to time |
A. 3
B. 4
C. 5
D. 6
|
| 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 | 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 | The concept of perfect competition was introduced by. |
A. Adam Smith
B. Alfred Marshall
C. Keynes
D. Malthus
|
| 10 | 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
|
Test Questions
