More Classes
5th Class
6th Class
7th Class
8th Class
9th Class
10th Class
11th Class
12th Class
NAT I
NAT II
CSS
IQ
General Knowledge
MDCAT
ECAT
GAT General
GAT Subject
Other Links
Go to Home
Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 8 Online Test MCQs With Answers
Question # 1
With the increase of output, which cost of production increases:
Choose an answer
VC
AC
FC
MC
Previous
Skip
Next
Question # 2
All factors of production are variable in the:
Choose an answer
Market period
Long period
Short period
All of these
Previous
Skip
Next
Question # 3
Under perfect competition average revenue is equal to:
Choose an answer
Average cost
Price
Marginal revenue
Both b and c
Previous
Skip
Next
Question # 4
At least one factor is fixed in:
Choose an answer
Market period
Long period
Short period
All of three
Previous
Skip
Next
Question # 5
Firm's cost depends upon:
Choose an answer
Revenue
Supply
Price
Output
Previous
Skip
Next
Question # 6
Amount of money attained by selling marginal product is called
Choose an answer
Average revenue product
Marginal revenue product
Total revenue product
None of three
Previous
Skip
Next
Question # 7
Production of the last unit of a factor of production is called
Choose an answer
Total product
Average product
Marginal product
Positive product
Previous
Skip
Next
Question # 8
Marginal revenue product curve is called
Choose an answer
Demand curve of firm
Supply curve of firm
Demand curve of industry
Supply curve of industry
Previous
Skip
Next
Question # 9
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
Previous
Skip
Next
Question # 10
According to which economist, some factors are indivisble
Choose an answer
Adam Smith
Marshall
Davenport
Hobson
Previous
Skip
Next
Question # 11
Next best alternative use of resources is known as:
Choose an answer
Implicit cost
Explicit cost
Opportunity cost
Sunk cost
Previous
Skip
Next
Question # 12
Tendency of demand curve of a factor of production is
Choose an answer
Positive
Negative
Zero
Horizontal
Previous
Skip
Next
Question # 13
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
Previous
Skip
Next
Question # 14
Self owned resources are known as:
Choose an answer
Implicit cost
Explicit cost
Opportunity cost
Sunk cost
Previous
Skip
Next
Question # 15
The rate change in total cost is:
Choose an answer
TR
MC
MR
TC
Previous
Skip
Next
Question # 16
Wages of permanent labourers are:
Choose an answer
Fixed cost
Marginal cost
Total cost
Variable cost
Previous
Skip
Next
Question # 17
Under perfect competition:
Choose an answer
AR > MR
AR < MR
AR = MR
All of three
Previous
Skip
Next
Question # 18
MPP stand is
Choose an answer
Marginal price product
Marginal Physical Product
Marginal Physical Price
Marginal Perfect Price
Previous
Skip
Next
Question # 19
Cost of a firm on the optimum combination of factors of production is
Choose an answer
Minimum
Maximum
Reasonable
Positive
Previous
Skip
Next
Question # 20
When Ac is rising:
Choose an answer
AC = MC
MC > AC
MC < AC
Both (b) and (c)
Previous
Skip
Next
Question # 21
MC cuts AC at:
Choose an answer
Maximum point
Minimum point
Increasing point
Decreasing point
Previous
Skip
Next
Question # 22
When AC is falling then:
Choose an answer
MC = AC
AVC = MC
MC > AC
MC < AC
Previous
Skip
Next
Back