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11th Principle of Economics Chapter 6 Test

Here you can prepare 11th Principle of Economics English Medium Chapter 6 Firm's Costs of Production and Revenues Test. Click the button for 100% free full practice test.

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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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)

Sr. # Questions Answers Choice
1 Which one is comparatively the most important factor ?
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization
2 The shape of average cost curve in the short period is
  • A. Vertical
  • B. Horizontal
  • C. Positively sloping
  • D. Like English alphabet U
3 Fixed costs are those costs of production which
  • A. Rise with quantity of output
  • B. Do not change with any amount of production
  • C. Decline with rising production
  • D. None of these
4 The factor of production which is result of human struggle.
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization
5 Reward of Land is called.
  • A. Rent
  • B. Wage
  • C. Interest
  • D. Profit
6 In perfect competition the average revenue curve is
  • A. Vertical
  • B. Horizontal
  • C. Rising
  • D. Declining
7 When average cost curve is rising, then marginal cost curve
  • A. Remains below it
  • B. Remains above it
  • C. Remains parallel to it
  • D. Is vertical
8 One of the following is not included in explicit cost
  • A. Wages of labourers
  • B. Reward of entrepreneur's personal labour
  • C. Price of raw material
  • D. Interest of capital
9 In the short period, fixed cost curve has the tendency
  • A. Parallel to ox-axis
  • B. Parallel to oy-axis
  • C. Positive
  • D. Negative
10 Additional amount of money which a firm gets by selling an additional unit of output is called
  • A. Average revenue
  • B. Marginal revenue
  • C. Total revenue
  • D. Revenue

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

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01 Mins 49 Sec
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12/15
01 Mins 31 Sec
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