First Year Principles of Economics Chapter 6 Online MCQ Test for 1st Year Principles of Economics Chapter 6 (Firm's Costs of Production and Revenues)

This online test contains MCQs about following topics:

. Firm's costs of production . Kinds of costs according to payment . Short run costs . Concepts of pre unit costs of output . Interrelationship of average cost and marginal cost . Long run costs . Derivation of long run average cost curve . Derivation of long run marginal cost curve

ICOM Part 1 Economics Ch 6 Test
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MCQ's Test For Chapter 6 "Principles of Economics Icom Part 1 English Medium Chapter 6 Online Test"

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Principles of Economics Icom Part 1 English Medium Chapter 6 Online Test

00:00
Question # 1

Price of raw material, wages of temporary labourers, transport costs etc,are called

Question # 2

One of the following is not included in implicit cost

Question # 3

Number of firms under monopoly is

Question # 4

Average cost curve is in short run

Question # 5

Which is not included in variable cost

Question # 6

The costs which increase with the increase in output and decrease with the decrease in output, are called

Question # 7

When average cost falls, marginal cost is - - - - - - average cost

Question # 8

Which is the Demand Curve of a frim

Question # 9

Total expenditures which a firm bear to produce a particular quantity of output

Question # 10

Slope of average revenue and marginal revenue cures under monopoly is

Question # 11

All the factors production can be hired except.

Question # 12

Dividing total variable costs by the units of output, is attained

Question # 13

Under perfect competition average revenue is always - - - marginal revenue

Question # 14

One of the following is considered as capital:

Question # 15

How many kinds of costs are in the short period

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ICom Part 1 Principles of Economics ( English Medium) Chapter 6 Important MCQ's

Sr.# Question Answer
1 Price of raw material, wages of temporary labourers, transport costs etc,are called
A. Fixed costs
B. Variable costs
C. Marginal cost
D. Total cost
2 Wages of temporary labourers are
A. Fixed cost
B. Marginal cost
C. Total cost
D. Variable cost
3 The demand curve for monopolist is also called
A. Total revenue
B. Average revenue
C. Marginal revenue
D. Zero revenue
4 Demand curve of a monopolist has the shape
A. Falls from left to right
B. Rises from left to right
C. Remains below MR curve
D. Remains parallel to ox-axis
5 The costs which increase with the increase in output and decrease with the decrease in output, are called
A. Variable costs
B. Fixed costs
C. Average costs
D. Marginal cost
6 The additional cost which a firm has to bear in order to produce additional unit of output, are called
A. Average cost
B. Marginal cost
C. Fixed costs
D. Variable costs
7 The shape of average cost curve in the short period is
A. Vertical
B. Horizontal
C. Positively sloping
D. Like English alphabet U
8 The costs which a firm bear only in case of producing commodities
A. Fixed costs
B. Variable costs
C. Total costs
D. Average fixed cost
9 One of the following is considered as capital:
A. Land
B. Labour
C. Raw material
D. Both (a) and (b)
10 When a firm's average total cost is equal to price, then it is called as
A. Normal profit
B. Abnormal profit
C. Normal loss
D. Abnormal loss

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