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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
Market is an area where :
Question # 2
The concept of perfect competition was introduced by.
Question # 3
The kind of market is undesirable
Question # 4
Under perfect competition MR and AR curves
Question # 5
The extent of market depends upon
Question # 6
Which of the following is one of the assumptions of perfect competition.
Question # 7
In case of perfect competition in the market
Question # 8
Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called
Question # 9
Which of the following markets comes closest to perfect market
Question # 10
A firm under perfect competition is
Question # 11
Normal price is a price which prevails
Question # 12
How many types of markets according to time
Question # 13
How many kinds of market?
Question # 14
Buyers and sellers under perfect competition are.
Question # 15
Stock exchange is market where we can buy:
Question # 16
In case of monopoly
Question # 17
In the business world
Question # 18
The major difference between perfect competition and monopolistic competition is
Question # 19
A group of buyers and sellers that exchange a goods or services at a price are called
Question # 20
Extent of market mainly depends upon.
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 -
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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 -
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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 | A group of buyers and sellers that exchange a goods or services at a price are called |
A. Market
B. Commodity
C. Place
D. None of these
|
| 2 | Product differentiation is a pre-condition of: |
A. Perfect competition
B. Imperfect compitition
C. Monopoly
D. Oligopoly
|
| 3 | 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
|
| 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 | When marginal revenue is zero, total revenue is |
A. maximum
B. minimum
C. zero
D. decreasing
|
| 6 | 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
|
| 7 | The kind of market is undesirable |
A. general market
B. specialized market
C. local market
D. monopoly market
|
| 8 | Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called |
A. Revenue curve under perfect competition
B. Monopoly curve
C. Total revenue curve
D. None of these
|
| 9 | 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
|
| 10 | How many types of markets according to time |
A. 3
B. 4
C. 5
D. 6
|
Test Questions