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Online Tests
Economics Ics Part 1 English Medium Chapter 12 Online Test MCQs With Answers
Question # 1
A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
Choose an answer
Market
Revenue curve
Contact
None of these
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Question # 2
Which one of the following is a day to day market.
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The market of perishable goods
The market of refrigerators
The market of stationary
None of the three
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Question # 3
In case of perfect competition in the market
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marginal revenue curve always slopes upward
marginal revenue curve always slopes downward
marginal revenue is always equal to average revenue
marginal revenue is always less than to average revenue
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Question # 4
The concept of perfect competition was introduced by.
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Adam Smith
Alfred Marshall
Keynes
Malthus
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Question # 5
How many types of markets according to location
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4
5
6
7
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Question # 6
In case of monopoly
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marginal revenue curve always slopes upward
total revenue curve always slopes upward
marginal revenue is always equal to average revenue
marginal revenue is always less than average revenue
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Question # 7
Marginal revenue is always less than price at all levels of output in
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perfect competition
monopoly
both A and B
none of the above
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Question # 8
Which is a condition for existence of monopoly
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big size
identical product
absence of government taxes
no close substitute
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Question # 9
The market of refrigerators in general is called:
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Domestic market
Local market
International market
National market
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Question # 10
Different kinds of imperfect competition are.
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Monopoly
Monopolistic competition
Oligopoly
All the three
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Question # 11
A firm under perfect competition is
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price maker
price breaker
price taker
price shaker
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Question # 12
Which of the following markets comes closest to perfect market
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wheat market
cigarette market
cold drinks market
stock market
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Question # 13
A monopolist is always interested and obtains.
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Normal profit
Subnormal profit
Continues production even at loss
Super normal profit
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Question # 14
In the business world
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a firm working under perfect competition wants to become a monopoly
a firm working under monopoly wants to become a competitive firm
monopoly price is always higher than competitive price
competitive price is always higher than monopoly price
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Question # 15
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
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Natural monopoly
Social monopoly
Legal monopoly
Implied monopoly
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Question # 16
Buyers and sellers under perfect competition are.
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The same in number
Large in number
Small in number
None of the above
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Question # 17
A monopoly market can be controlled by.
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Fixing of the price by the government
Administrative measures
Introduction of substitutes
Nationalisation
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Question # 18
Product differentiation is a pre-condition of:
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Perfect competition
Imperfect compitition
Monopoly
Oligopoly
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Question # 19
Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called
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Revenue curve under perfect competition
Monopoly curve
Total revenue curve
None of these
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Question # 20
Normal price is a price which prevails
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In day to day market
In domestic market
In the long run market
In a foreign market
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