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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 When AC curve rises, MC curve remains:
  • A. Above AC
  • B. Below AC
  • C. Equal AC
  • D. Negative
2 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
3 Excise tax is a part of
  • A. fixed cost
  • B. variable cost
  • C. implicit cost
  • D. in not a part of 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 TC
  • A. rises continuously
  • B. falls then rises
  • C. is horizontal to x-axis
  • D. is parallel to y-axis
6 Short run cost curves are.
  • A. v-shaped
  • B. Dish-shaped
  • C. U-shaped
  • D. L-shaped
7 Average cost and marginal cost curves in the short-run are:
  • A. Quadratic function
  • B. Linear function
  • C. Cubic function
  • D. Log function
8 As output increases
  • A. MC curve firstly falls then rises
  • B. MC firstly rises then falls
  • C. MC continuously rises
  • D. continuously falls
9 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
10 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

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

A

Aisha Kashif

Lahore16 - Aug - 2023

10/20
20 Mins 52 Sec

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