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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
A monopoly market can be controlled by.
Question # 2
The concept of perfect competition was introduced by.
Question # 3
Buyers and sellers under perfect competition are.
Question # 4
Different prices are charged from different customers of the same product. This is called.
Question # 5
In the business world
Question # 6
A short period market is the market of.
Question # 7
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
Question # 8
The kind of market is undesirable
Question # 9
Stock exchange is market where we can buy:
Question # 10
When marginal revenue is zero, total revenue is
Question # 11
Which of the following markets comes closest to perfect market
Question # 12
Marginal revenue is always less than price at all levels of output in
Question # 13
How many types of markets according to time
Question # 14
The market of refrigerators in general is called:
Question # 15
A group of buyers and sellers that exchange a goods or services at a price are called
Question # 16
Different kinds of imperfect competition are.
Question # 17
Which of the following is NOTa characteristic of perfect competition?
Question # 18
Which is a condition for existence of monopoly
Question # 19
Market is an area where :
Question # 20
A firm under perfect 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 | 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
|
| 2 | 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
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| 3 | 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
|
| 4 | When marginal revenue is zero, total revenue is |
A. maximum
B. minimum
C. zero
D. decreasing
|
| 5 | The market of cars is. |
A. International market
B. Regional market
C. Local market
D. Domestic market
|
| 6 | Which of the following markets comes closest to perfect market |
A. wheat market
B. cigarette market
C. cold drinks market
D. stock market
|
| 7 | Under perfect competition MR and AR curves |
A. are the same
B. are different
C. intersect each other
D. are parallel
|
| 8 | The concept of perfect competition was introduced by. |
A. Adam Smith
B. Alfred Marshall
C. Keynes
D. Malthus
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| 9 | The extent of market depends upon |
A. Means of transport and communication
B. Political instability
C. Economics instability
D. Trade restriction
|
| 10 | A monopoly market can be controlled by. |
A. Fixing of the price by the government
B. Administrative measures
C. Introduction of substitutes
D. Nationalisation
|
Test Questions