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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
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Question # 1
How many types of markets according to time
Question # 2
The market of refrigerators in general is called:
Question # 3
Product differentiation is a pre-condition of:
Question # 4
A group of buyers and sellers that exchange a goods or services at a price are called
Question # 5
Which one of the following is a day to day market.
Question # 6
Which is NOTtrue
Question # 7
Which of the following is NOTa characteristic of perfect competition?
Question # 8
A short period market is the market of.
Question # 9
Stock exchange is market where we can buy:
Question # 10
Under perfect competition MR and AR curves
Question # 11
In case of perfect competition in the market
Question # 12
A firm under perfect competition is
Question # 13
When marginal revenue is zero, total revenue is
Question # 14
A monopoly market can be controlled by.
Question # 15
Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called
Question # 16
Which of the following markets comes closest to perfect market
Question # 17
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
Question # 18
In case of monopoly
Question # 19
How many kinds of market?
Question # 20
The major difference between perfect competition and monopolistic competition is
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 | 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
|
| 2 | The concept of perfect competition was introduced by. |
A. Adam Smith
B. Alfred Marshall
C. Keynes
D. Malthus
|
| 3 | A monopolist is always interested and obtains. |
A. Normal profit
B. Subnormal profit
C. Continues production even at loss
D. Super normal profit
|
| 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 | How many kinds of market? |
A. 4
B. 5
C. 6
D. 7
|
| 6 | 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
|
| 7 | The supply curve of day to day market is. |
A. Touching the horizontal axis
B. Touching the vertical axis
C. Perfactly elastic
D. Perfactly inelastic
|
| 8 | Malaysia enjoys monopoly on rubber, but which kind of monopoluit is. |
A. Natural monopoly
B. Social monopoly
C. Legal monopoly
D. Implied monopoly
|
| 9 | In case of monopoly |
A. marginal revenue curve always slopes upward
B. total revenue curve always slopes upward
C. marginal revenue is always equal to average revenue
D. marginal revenue is always less than average revenue
|
| 10 | How many types of markets according to time |
A. 3
B. 4
C. 5
D. 6
|
Test Questions
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