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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 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
2 Slope of average revenue and marginal revenue cures under monopoly is
  • A. positive
  • B. negative
  • C. zero
  • D. none of three
3 Total expenditures which a firm bear to produce a particular quantity of output
  • A. Fixed costs
  • B. Variable costs
  • C. Total costs
  • D. Average fixed cost
4 Which one is comparatively the most important factor ?
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization
5 Which one of the following represents fixed cost
  • A. Price of raw material
  • B. Wages
  • C. Capital goods
  • D. Wages of permanent labour
6 The factor of production which is result of human struggle.
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization
7 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
8 Rent of the building, interest of the capital and salaries of the permanent staff etc are called
  • A. Fixed costs
  • B. Variable
  • C. Marginal cost
  • D. Average cost
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 In perfect competition the average revenue curve is
  • A. Vertical
  • B. Horizontal
  • C. Rising
  • D. Declining

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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