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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 Lowest point on the average cost curve in the long-run represents;
  • A. Optimum factors combination
  • B. Maximum level of output
  • C. Maximum level of total revenue
  • D. None of the three
2 TVC
  • A. starts from origin
  • B. not from origin
  • C. is parallel to x-axis
  • D. is parallel to y-axis
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 Long run average cost curve is :
  • A. U shaped
  • B. L shaped
  • C. Dish shaped
  • D. None of the three
5 Short run means is a period
  • A. less than one year
  • B. in which at least one input is fixed
  • C. in which no input can be changed
  • D. in which firms can easily enter or exit
6 One of the following is an example of monopoly.
  • A. Motorways
  • B. Pakistan railways
  • C. PIA
  • D. None of these
7 The cost which a firm incurs for purchasing or hiring factors is called
  • A. implicit
  • B. explicit
  • C. real
  • D. basic
8 Excise tax is a part of
  • A. fixed cost
  • B. variable cost
  • C. implicit cost
  • D. in not a part of cost
9 Total cost curve in general is a.
  • A. Linear function
  • B. Quadratic function
  • C. Cubic function
  • D. Long function
10 Unit cost is another name for
  • A. MC
  • B. AVC
  • C. ATC
  • D. AFC

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