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13th Chapter

ICS Part 1 Economics Chapter 13 MCQs Test

First Year Economics Chapter 13 Online MCQ Test for 1st Year Economics Chapter 13 (Cost of Production and Cost Curves)

This online test contains MCQs about following topics:

Implicit and explicit costs .Short run cost curves . Relationship of different costs . Long run cost curves

First Year Economics Chapter 13 Online MCQ Test for 1st Year Economics Chapter 13 (Cost of Production and Cost Curves)

Sr. # Questions Answers Choice
1 Average cost and marginal cost curves in the short-run are:
  • A. Quadratic function
  • B. Linear function
  • C. Cubic function
  • D. Log function
2 Long run cost curves can be termed as.
  • A. V-shaped
  • B. U-shaped
  • C. Oval-shaped
  • D. Dish-shaped
3 Long rum is a period
  • A. three years or longer
  • B. long enough to allow firms to change plant size and capacity
  • C. in which a firm need not get loans
  • D. which affects larger more than smaller firms
4 Which statement is true
  • A. ATC + AVC = AFC
  • B. ATC + MC = AFC
  • C. ATC + AFC = AVC
  • D. AFC + AVC = ATC
5 When AC curve rises, MC curve remains:
  • A. Above AC
  • B. Below AC
  • C. Equal AC
  • D. Negative
6 Under monopoly:
  • A. AR = MR
  • B. AR > MR
  • C. AR < MR
  • D. AR = MR
7 Variable cost of production are also called.
  • A. Fixed cost
  • B. Supplementary cost
  • C. Total variable cost
  • D. Prime cost
8 TC
  • A. starts from origin
  • B. not from origin
  • C. is parallel to y-axis
  • D. parallel to x- axis
9 Change in total cost on the production of one additional unit of output is calculated as .
  • A. Marginal cost
  • B. Average cost
  • C. Total cost
  • D. Marginal product
10 As output increases
  • A. MC curve firstly falls then rises
  • B. MC firstly rises then falls
  • C. MC continuously rises
  • D. continuously falls

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