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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 8 Online Test MCQs With Answers
Question # 1
According to which economist, it is difficult to find marginal product of a factor of production
Choose an answer
Marshall and pigou
Adam Smith and Malthus
Keynes
Taussing and Davenport
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Question # 2
When Ac is rising:
Choose an answer
AC = MC
MC > AC
MC < AC
Both (b) and (c)
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Question # 3
Under perfect competition average revenue is equal to:
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Average cost
Price
Marginal revenue
Both b and c
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Question # 4
Fixed cost consists of:
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Rent
Salaries
Interest
All of them
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Question # 5
TC = TFC +:
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MC
AR
TVC
TAC
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Question # 6
Amount of money attained by selling marginal product is called
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Average revenue product
Marginal revenue product
Total revenue product
None of three
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Question # 7
When AC is falling then:
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MC = AC
AVC = MC
MC > AC
MC < AC
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Question # 8
Under monopoly the slopes of AR and MR are:
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Zero
Positive
Negative
None of three
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Question # 9
If a firm does not produce anything then its variable cost is:
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Minimum
Negative
Maximum
Zero
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Question # 10
Marginal revenue product curve is called
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Demand curve of the firm
Supply curve of the firm
Demand curve of the industry
Supply curve of industry
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Question # 11
AR curve is also called:
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Supply curve
Demand curve
Utility curve
Cost curve
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Question # 12
MC cuts AC at:
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Maximum point
Minimum point
Increasing point
Decreasing point
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Question # 13
According to which economist, it is difficult to find marginal product
Choose an answer
Robbins and Keynes
Marshall and pigou
Adam Smith and Mathuls
Taussing and Davenport
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Question # 14
Self owned resources are known as:
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Implicit cost
Explicit cost
Opportunity cost
Sunk cost
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Question # 15
Cost of a firm on the optimum combination of factors of production is
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Minimum
Maximum
Reasonable
Positive
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