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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
ICOM Part 1 English Medium Subjects
ICOM Part 1 Urdu Medium Subjects
MCQ's Test For Chapter 6 "Principles of Economics Icom Part 1 English Medium Chapter 6 Online Test"
Try The MCQ's Test For Chapter 6 "Principles of Economics Icom Part 1 English Medium Chapter 6 Online Test"
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Total Questions15
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Time Allowed20
Principles of Economics Icom Part 1 English Medium Chapter 6 Online Test
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Question # 1
The costs which a firm bear only in case of producing commodities
Question # 2
The slope of MR curve in monopoly is
Question # 3
Which one factor is free gift of nature ?
Question # 4
The costs which the firm has to bear in every condition in the short period, are called
Question # 5
When average cost falls marginal cost is ---------------- average cost
Question # 6
One of the following is a fixed capital:
Question # 7
Dividing total fixed costs by the units of output, is attained
Question # 8
Number of firms under monopoly is
Question # 9
Dividing total variable costs by the units of output, is attained
Question # 10
Wages of temporary labourers are
Question # 11
The costs which increase with the increase in output and decrease with the decrease in output, are called
Question # 12
Additional amount of money which a firm gets by selling an additional unit of output is called
Question # 13
One of the following is not included in explicit cost
Question # 14
Short run cost curves are generally
Question # 15
Price of raw material, wages of temporary labourers, transport costs etc,are called
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.
Top Scorers Of Chapter 6 "Principles of Economics Icom Part 1 English Medium Chapter 6 Online Test" MCQ`s Test
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ICom Part 1 Principles of Economics ( English Medium) Chapter 6 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | The kind of market, in which a single firm produces a single commodity which has no close substitute |
A. Monopoly
B. Duopoly
C. Oligopoly
D. Perfect competition
|
| 2 | Dividing total variable costs by the units of output, is attained |
A. Average fixed cost
B. Average variable cost
C. Average cost
D. Marginal cost
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| 3 | Under monopoly average revenue curve remains ______ the marginal revenue curve |
A. Below
B. Above
C. Parallel to
D. None of three
|
| 4 | The shape of average cost curve in the short period is |
A. Vertical
B. Horizontal
C. Positively sloping
D. Like English alphabet U
|
| 5 | Average cost curve is in short run |
A. Negative sloped
B. U-shaped
C. L-shaped
D. Positive sloped
|
| 6 | 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
|
| 7 | Average revenue is equal to |
A. Price
B. Total revenue
C. Marginal revenue
D. Average cost
|
| 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 | To increase profit a firm minimises |
A. revenues
B. costs
C. demand
D. supply
|
| 10 | Slope of average revenue and marginal revenue cures under monopoly is |
A. positive
B. negative
C. zero
D. none of three
|
Test Questions