11th class Economics chapter 12 online mcq test with answers for ICS part 1 Economics chapter 12 (Market and Revenue Analysis)

Question # 1

A monopoly market can be controlled by.

Fixing of the price by the government A
Administrative measures B
Introduction of substitutes C
Nationalisation D

Question # 2

In the business world

a firm working under perfect competition wants to become a monopoly A
a firm working under monopoly wants to become a competitive firm B
monopoly price is always higher than competitive price C
competitive price is always higher than monopoly price D

Question # 3

How many types of markets according to location

4 A
5 B
6 C
7 D

Question # 4

The major difference between perfect competition and monopolistic competition is

unity of frims A
differentiated product B
rate of profit C
free exit and entry D

Question # 5

The market of refrigerators in general is called:

Domestic market A
Local market B
International market C
National market D

Question # 6

A short period market is the market of.

Perishable goods A
Durable goods B
Consumer goods C
Capital goods D

Question # 7

How many types of markets according to time

3 A
4 B
5 C
6 D

Question # 8

Which of the following is NOTa characteristic of perfect competition?

free entry and exit of the firm A
demand curve of a firm is horizontal B
marginal revenue curve is horizontal C
individual firm can influence the price D

Question # 9

Under perfect competition MR and AR curves

are the same A
are different B
intersect each other C
are parallel D

Question # 10

In case of monopoly

marginal revenue curve always slopes upward A
total revenue curve always slopes upward B
marginal revenue is always equal to average revenue C
marginal revenue is always less than average revenue D

Question # 11

The concept of perfect competition was introduced by.

Adam Smith A
Alfred Marshall B
Keynes C
Malthus D

Question # 12

Marginal revenue is always less than price at all levels of output in

perfect competition A
monopoly B
both A and B C
none of the above D

Question # 13

The extent of market depends upon

Means of transport and communication A
Political instability B
Economics instability C
Trade restriction D

Question # 14

Stock exchange is market where we can buy:

Shares A
Foreign exchange B
Factors of production C
Consumer goods D

Question # 15

Extent of market mainly depends upon.

Availability of means of transport and communication A
Nature of supply B
Government restriction C
Perishable goods D

Question # 16

In case of perfect competition in the market

marginal revenue curve always slopes upward A
marginal revenue curve always slopes downward B
marginal revenue is always equal to average revenue C
marginal revenue is always less than to average revenue D

Question # 17

When marginal revenue is zero, total revenue is

maximum A
minimum B
zero C
decreasing D

Question # 18

The supply curve of day to day market is.

Touching the horizontal axis A
Touching the vertical axis B
Perfactly elastic C
Perfactly inelastic D

Question # 19

Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.

Natural monopoly A
Social monopoly B
Legal monopoly C
Implied monopoly D

Question # 20

A group of buyers and sellers that exchange a goods or services at a price are called

Market A
Commodity B
Place C
None of these D

Sr.#	Question	Answer
1	How many types of markets according to time	A. 3 B. 4 C. 5 D. 6
2	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
3	Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.	A. Natural monopoly B. Social monopoly C. Legal monopoly D. Implied monopoly
4	A monopoly market can be controlled by.	A. Fixing of the price by the government B. Administrative measures C. Introduction of substitutes D. Nationalisation
5	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
6	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
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	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
10	Under perfect competition MR and AR curves	A. are the same B. are different C. intersect each other D. are parallel

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Economics Ics Part 1 English Medium Chapter 12 Online Test

A monopoly market can be controlled by.

In the business world

How many types of markets according to location

The major difference between perfect competition and monopolistic competition is

The market of refrigerators in general is called:

A short period market is the market of.

How many types of markets according to time

Which of the following is NOTa characteristic of perfect competition?

Under perfect competition MR and AR curves

In case of monopoly

The concept of perfect competition was introduced by.

Marginal revenue is always less than price at all levels of output in

The extent of market depends upon

Stock exchange is market where we can buy:

Extent of market mainly depends upon.

In case of perfect competition in the market

When marginal revenue is zero, total revenue is

The supply curve of day to day market is.

Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.

A group of buyers and sellers that exchange a goods or services at a price are called

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