ICOM Part 1 Principles of Economics English Medium Chapter 6 MCQ's Test

11th Class Principles of Economics English Medium Online MCQ Test for Chapter 6 (Firm's Costs of Production and Revenues)

ICOM Part 1 Principles of Economics English Medium Chapter 6 MCQ's Test

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ICOM Part 1 Principles of Economics Chapter Wise Test (English Medium)

11th Class Principles of Economics English Medium Online MCQ Test for Chapter 6 (Firm's Costs of Production and Revenues)

Sr. # Questions Answers Choice
1 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
2 Nature of inter-relationship of average revenue and marginal revenue under perfect competition is
  • A. Average revenue remains more than marginal revenue
  • B. Average revenue remains less than marginal revenue
  • C. Marginal revenue remains less than average revenue
  • D. Average revenue remains equal to marginal revenue
3 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
4 Which is the Demand Curve of a frim
  • A. Average Revenue Curve
  • B. Marginal Revenue Curve
  • C. Total Revenue Curve
  • D. Average cost curve
5 Which factor combines other three factors ?
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization
6 One of the following is not land:
  • A. White house
  • B. Sub continents
  • C. Power house
  • D. Both (a) and (b)
7 Which one of the following represents fixed cost
  • A. Price of raw material
  • B. Wages
  • C. Capital goods
  • D. Wages of permanent labour
8 When average cost increases, marginal cost is - - - - - - average cost
  • A. Less than
  • B. More than
  • C. Equal to
  • D. None of three
9 The amount of money which a firm gets by selling a particular quantity of output, is called
  • A. Average revenue
  • B. Marginal revenue
  • C. Total revenue
  • D. Fixed cost
10 All the factors production can be hired except.
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization

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