Question # 1

Which one is comparatively the most important factor ?

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Land

Labour

Capital

Organization

How many kinds of costs are in the short period

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Two

Three

Four

Five

Average cost curve is in short run

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Negative sloped

U-shaped

L-shaped

Positive sloped

Marginal cost curve cuts average cost curve when average cost is

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Maximum

Minimum

Increasing

Decreasing

Short run cost curves are generally

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flatter

u shaped

saucer shaped

oval

Which is not included in variable cost

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price of raw material

Advertisement expenditures

rent of builiding

wages of labour

When production of a firm increases then total variable costs

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Decrease

Increase

Remain constant

Do not change

Fixed costs are those costs of production which

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Rise with quantity of output

Do not change with any amount of production

Decline with rising production

None of these

The shape of average cost curve in the short period is

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Vertical

Horizontal

Positively sloping

Like English alphabet U

The kind of market, in which a single firm produces a single commodity which has no close substitute

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Monopoly

Duopoly

Oligopoly

Perfect competition

The slope of MR curve in monopoly is

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Vertical

Increasing

Horizontal

Negative

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

Slope of average revenue and marginal revenue cures under monopoly is

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positive

negative

zero

none of three

When average cost is minimum, marginal cost is - - - - - - - - average cost

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Less than

More than

Equal to

None of three

Dividing total fixed costs by the units of output, is attained

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Average fixed cost

Average variable cost

Average cost

Marginal cost

When average cost curve id falling, then marginal cost curve

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Remains below it

Remains above it

Remains parallel to it

Is vertical

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

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