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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 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
2 Average cost and marginal cost curves in the short-run are:
  • A. Quadratic function
  • B. Linear function
  • C. Cubic function
  • D. Log function
3 The long run average cost curve is tangent to various
  • A. short run TCs
  • B. short run ACs
  • C. AVCs
  • D. AFCs
4 Unit cost is another name for
  • A. MC
  • B. AVC
  • C. ATC
  • D. AFC
5 Variable cost of production are also called.
  • A. Fixed cost
  • B. Supplementary cost
  • C. Total variable cost
  • D. Prime cost
6 Long run cost curves can be termed as.
  • A. V-shaped
  • B. U-shaped
  • C. Oval-shaped
  • D. Dish-shaped
7 Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called
  • A. externality
  • B. wastage
  • C. extra cost
  • D. opportunity cost
8 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
9 Excise tax is a part of
  • A. fixed cost
  • B. variable cost
  • C. implicit cost
  • D. in not a part of cost
10 Which is NOT a cause of shift in cost curves of a frim
  • A. excise tax
  • B. prices of inputs
  • C. increase in productivity
  • D. price of product

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