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## 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

#### ICS Part 1 Economics Chapter 13 Test

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

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
• 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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