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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
In the business world
Question # 2
Different kinds of imperfect competition are.
Question # 3
In case of monopoly
Question # 4
Marginal revenue is always less than price at all levels of output in
Question # 5
Which one of the following is a day to day market.
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
The kind of market is undesirable
Question # 9
A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
Question # 10
Under perfect competition MR and AR curves
Question # 11
A monopolist is always interested and obtains.
Question # 12
Product differentiation is a pre-condition of:
Question # 13
The market of cars is.
Question # 14
A monopoly market can be controlled by.
Question # 15
The market of refrigerators in general is called:
Question # 16
How many types of markets according to location
Question # 17
When marginal revenue is zero, total revenue is
Question # 18
Stock exchange is market where we can buy:
Question # 19
Which is NOTtrue
Question # 20
A short period market is the market of.
ICS Part 1 Economics Chapter 12 MCQs Test
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| Sr.# | Question | Answer |
|---|---|---|
| 1 | Which of the following markets comes closest to perfect market |
A. wheat market
B. cigarette market
C. cold drinks market
D. stock market
|
| 2 | How many kinds of market? |
A. 4
B. 5
C. 6
D. 7
|
| 3 | Buyers and sellers under perfect competition are. |
A. The same in number
B. Large in number
C. Small in number
D. None of the above
|
| 4 | Which one of the following is a day to day market. |
A. The market of perishable goods
B. The market of refrigerators
C. The market of stationary
D. None of the three
|
| 5 | The extent of market depends upon |
A. Means of transport and communication
B. Political instability
C. Economics instability
D. Trade restriction
|
| 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 | A monopolist is always interested and obtains. |
A. Normal profit
B. Subnormal profit
C. Continues production even at loss
D. Super normal profit
|
| 8 | A monopoly market can be controlled by. |
A. Fixing of the price by the government
B. Administrative measures
C. Introduction of substitutes
D. Nationalisation
|
| 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 | The kind of market is undesirable |
A. general market
B. specialized market
C. local market
D. monopoly market
|
| 11 | 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
|
| 12 | How many types of markets according to location |
A. 4
B. 5
C. 6
D. 7
|
| 13 | 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
|
| 14 | 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
|
| 15 | A firm under perfect competition is |
A. price maker
B. price breaker
C. price taker
D. price shaker
|
| 16 | Normal price is a price which prevails |
A. In day to day market
B. In domestic market
C. In the long run market
D. In a foreign market
|
| 17 | The concept of perfect competition was introduced by. |
A. Adam Smith
B. Alfred Marshall
C. Keynes
D. Malthus
|
| 18 | 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
|
| 19 | The market of refrigerators in general is called: |
A. Domestic market
B. Local market
C. International market
D. National market
|
Test Questions
