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

Under perfect competition average revenue is always - - - marginal revenue

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Equal to

Less than

More than

None of three

What is the reward of Organization ?

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Rent

Wage

Interest

Profit

Short run cost curves are generally

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flatter

u shaped

saucer shaped

oval

One of the following is a fixed capital:

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Raw material

Machinery

Saving certificate

None of these

The slope of MR curve in monopoly is

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Vertical

Increasing

Horizontal

Negative

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

Average revenue is equal to

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Price

Total revenue

Marginal revenue

Average cost

The costs which increase with the increase in output and decrease with the decrease in output, are called

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Variable costs

Fixed costs

Average costs

Marginal cost

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

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

When average cost curve is rising, then marginal cost curve

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Remains below it

Remains above it

Remains parallel to it

Is vertical

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

Which one of the following represents fixed cost

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Price of raw material

Wages

Capital goods

Wages of permanent labour

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

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