Question # 1

What is the reward of Labour ?

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Rent

Wage

Interest

Profit

The costs which the firm has to bear in every condition in the short period, are called

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Total costs

Fixed costs

Variable costs

Marginal costs

Which curve represents demand curve also

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Marginal revenue

Average revenue

Total revenue

Marginal cost

Which factor combines other three factors ?

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Land

Labour

Capital

Organization

Which on factor is the basic factor ?

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Land

Labour

Capital

Organization

In the short period, fixed cost curve has the tendency

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Parallel to ox-axis

Parallel to oy-axis

Positive

Negative

The shape of average cost curve in the short period is

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Vertical

Horizontal

Positively sloping

Like English alphabet U

When total revenue is maximum, marginal revenue is

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More

Less

Constant

Zero

Nature of inter-relationship of average revenue and marginal revenue under perfect competition is

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Average revenue remains more than marginal revenue

Average revenue remains less than marginal revenue

Marginal revenue remains less than average revenue

Average revenue remains equal to marginal revenue

Slope of average revenue and marginal revenue cures under monopoly is

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positive

negative

zero

none of three

One of the following is not included in explicit cost

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Wages of labourers

Reward of entrepreneur's personal labour

Price of raw material

Interest of capital

The costs which a firm bear only in case of producing commodities

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Fixed costs

Variable costs

Total costs

Average fixed cost

What is the reward of Organization ?

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Rent

Wage

Interest

Profit

Which is the Demand Curve of a frim

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Average Revenue Curve

Marginal Revenue Curve

Total Revenue Curve

Average cost curve

The demand curve for monopolist is also called

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Total revenue

Average revenue

Marginal revenue

Zero revenue

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Principles of Economics Icom Part 1 English Medium Chapter 6 Online Test MCQs With Answers

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