Question # 1

Reward of capital is called

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Rent

Wage

Interest

Profit

Demand curve of a monopolist has the shape

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Falls from left to right

Rises from left to right

Remains below MR curve

Remains parallel to ox-axis

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

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

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Less than

More than

Equal to

None of three

Which factor combines other three factors ?

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Land

Labour

Capital

Organization

What is the reward of Organization ?

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Rent

Wage

Interest

Profit

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 implicit cost

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Interest of entrepreneur's own capital

Rent of building

Reward of entrepreneur's own labour

Reward of entrepreneur's own land

Which curve represents demand curve also

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Marginal revenue

Average revenue

Total revenue

Marginal cost

Which one is comparatively the most important factor ?

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Land

Labour

Capital

Organization

Under monopoly average revenue curve remains the marginal revenue curve

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Below

Above

Parallel

None of these

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

To increase profit a firm minimises

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revenues

costs

demand

supply

Which is not included in variable cost

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price of raw material

Advertisement expenditures

rent of builiding

wages of labour

Which on factor is the basic factor ?

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Land

Labour

Capital

Organization

Total expenditures which a firm bear to produce a particular quantity of output

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Fixed costs

Variable costs

Total costs

Average fixed cost

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

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