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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
One of the following is considered as capital:
Question # 2
Which one is immobile factor ?
Question # 3
When a firm's average total cost is equal to price, then it is called as
Question # 4
Number of firms under monopoly is
Question # 5
One of the following is a fixed capital:
Question # 6
Dividing total variable costs by the units of output, is attained
Question # 7
What is the reward of Organization ?
Question # 8
Which factor is helpful for earning more income ?
Question # 9
Under perfect competition average revenue is always - - - marginal revenue
Question # 10
How many kinds of costs are in the short period
Question # 11
The costs which increase with the increase in output and decrease with the decrease in output, are called
Question # 12
Rent of the building, interest of the capital and salaries of the permanent staff etc are called
Question # 13
The costs which the firm has to bear in every condition in the short period, are called
Question # 14
In the short period, fixed cost curve has the tendency
Question # 15
When production of a firm increases then total variable costs
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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M Muhammad Hammad Shekhani 30 - Jun - 2021 02 Min 53 Sec 14/15 -
S Subtain Ahmed Raza 21 - Jul - 2023 02 Min 57 Sec 14/15 -
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H HaXEeb RajPut 26 - Aug - 2021 03 Min 30 Sec 12/15
ICom Part 1 Principles of Economics ( English Medium) Chapter 6 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | When average cost curve id falling, then marginal cost curve |
A. Remains below it
B. Remains above it
C. Remains parallel to it
D. Is vertical
|
| 2 | When production of a firm increases then total variable costs |
A. Decrease
B. Increase
C. Remain constant
D. Do not change
|
| 3 | The factor of production which is result of human struggle. |
A. Land
B. Labour
C. Capital
D. Organization
|
| 4 | What is the reward of Organization ? |
A. Rent
B. Wage
C. Interest
D. Profit
|
| 5 | 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
|
| 6 | One of the following is considered as capital: |
A. Land
B. Labour
C. Raw material
D. Both (a) and (b)
|
| 7 | Which on factor is the basic factor ? |
A. Land
B. Labour
C. Capital
D. Organization
|
| 8 | 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
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| 9 | Which one of the following represents fixed cost |
A. Price of raw material
B. Wages
C. Capital goods
D. Wages of permanent labour
|
| 10 | 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
|
Test Questions