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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 The cost which a firm incurs for purchasing or hiring factors is called
  • A. implicit
  • B. explicit
  • C. real
  • D. basic
3 The sacrifice of an alternative use of resources to produce something is called its
  • A. real cost
  • B. opportunity cost
  • C. sacrifice cost
  • D. alternative cost
4 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
5 All inputs can be varied in
  • A. short run
  • B. long run
  • C. both periods
  • D. non of the period
6 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
7 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
8 As out put increases, AC curve
  • A. falls
  • B. rises
  • C. remains constant
  • D. all of the above
9 The long run average cost curve is tangent to various
  • A. short run TCs
  • B. short run ACs
  • C. AVCs
  • D. AFCs
10 Total fixed cost curve is .
  • A. Parallel to the vertical axis
  • B. Parallel to the horizontal axis
  • C. Sloping downward to the right
  • D. Sloping upward to the right

Top Scorers of Economics Ics Part 1 English Medium Chapter 13 Online Test

N

Noman Aslam

Lahore06 - Dec - 2021

20/20
01 Mins 55 Sec
N

Noman Aslam

Lahore06 - Dec - 2021

20/20
02 Mins 38 Sec
N

Noman Aslam

Lahore06 - Dec - 2021

14/20
05 Mins 56 Sec
S

Sujal Makhija

Lahore18 - Nov - 2021

12/20
03 Mins 54 Sec

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