Question # 1

Which on factor is the basic factor ?

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Land

Labour

Capital

Organization

Dividing total revenue by the sold units of output, is attained

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Average revenue

Marginal revenue

Total revenue

Average cost

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

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

What is the reward of Organization ?

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Rent

Wage

Interest

Profit

Rent of the building, interest of the capital and salaries of the permanent staff etc are called

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Fixed costs

Variable

Marginal cost

Average cost

The additional cost which a firm has to bear in order to produce additional unit of output, are called

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Average cost

Marginal cost

Fixed costs

Variable costs

Reward of capital is called

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Rent

Wage

Interest

Profit

Price of raw material, wages of temporary labourers, transport costs etc,are called

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Fixed costs

Variable costs

Marginal cost

Total cost

When average cost increases, marginal cost is - - - - - - average cost

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Less than

More than

Equal to

None of three

Dividing total costs by the units of output is attained

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Average fixed cost

Average cost

Average variable cost

Marginal cost

Reward of Land is called.

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Rent

Wage

Interest

Profit

Average cost curve is in short run

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Negative sloped

U-shaped

L-shaped

Positive sloped

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 one factor is free gift of nature ?

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Land

Labour

Capital

Organization

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

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