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Question-1
In _________ market goods are sold at uniform price.
(A)
Monopoly
(B)
Perfect Competition
(C)
Oligopoly
(D)
Duopoly
Question-2
Which of the following statements is the correct definition of market failure?
(A)
It means that a market economy will fail to secure economic efficiency
(B)
It means that a market economy will fail to secure Pareto - efficiency
(C)
It means that a market economy will fail to secure productive efficiency
(D)
It means that a market economy will fail to secure technical efficiency
Question-3
When would a perfectly competitive industry have a long run supply curve that slopes downwards?
(A)
If the industry has constant costs
(B)
If the industry has decreasing costs
(C)
If the industry has increasing costs
(D)
Never
Question-4
In case of _________ market the policy of product differentiation is adopted by producers.
(A)
Perfect Competition
(B)
Imperfect Competition
(C)
Short Period
(D)
Very short Period
Question-5
Which of the following statements about industries that are oligopolies is false?
(A)
Firms in these industries may attempt to cooperate
(B)
The fact that there is more than one firm in an monopoly means that there are no barriers to entry
(C)
The fact that there is more than one firm in an oligopoly means that there are no barriers to entry
(D)
An oligopoly with two firms is called a duopoly
Question-6
The demand curve of monopoly is
(A)
Inelastic
(B)
Elastic
(C)
Perfectly Elastic
(D)
Perfectly Inelastic
Question-7
A firm can fix independent price under _________ market.
(A)
Perfect Competition
(B)
Pure Competition
(C)
Imperfect Competition
(D)
Monopoly
Question-8
In a perfectly competitive market ________ price of a commodity prevails.
(A)
Different
(B)
Uniform
(C)
Very high
(D)
Very low
Question-9
Suppose a country uses its resources in a pareto - efficient way - which of the following statements is true?
(A)
There might be inefficiency in production
(B)
There might be inefficiency in consumption
(C)
It might be possible to make one person better off without making another person worse off
(D)
There might be considerable inequality of income among the country's citizens
Question-10
Fresh vegetable market is _________ market.
(A)
Very short Period
(B)
Short Period
(C)
Long Period
(D)
Very long Period
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Plus 2 Humanities
Kerala (English Medium)
Practice in Related Chapters
Forms of Market
National Income
Indian Economy 1950 - 1990
National Income Accounting
The Theory of Consumer Behaviour (Micro)
Elasticity of Demand (Micro)
Theory of Demand (Micro)
Market Equilibrium Under Perfect Competition (Micro)
Production Function-Returns to a factor(Micro)
Supply and Elasticity of Supply
Cost Revenue and Producers Equilibrium
Forms of Market
National Income Accounting and Circular flow of Income (Macro)
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