Economics Ics Part 1 English Medium Online Test With Answers

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Economics Ics Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 TC starts from origin not from origin is parallel to y-axis parallel to x- axis
2 MC is given by slope of TFC TC ATC AVC
3 Which is NOT a cause of shift in cost curves of a frim excise tax prices of inputs increase in productivity price of product
4 Which statement is true ATC + AVC = AFC ATC + MC = AFC ATC + AFC = AVC AFC + AVC = ATC
5 All inputs can be varied in short run long run both periods non of the period
6 Unit cost is another name for MC AVC ATC AFC
7 As output increases MC curve firstly falls then rises MC firstly rises then falls MC continuously rises continuously falls
8 The shape of rectangular hyperbola is made by MC AFC AVC TFC
9 Excise tax is a part of fixed cost variable cost implicit cost in not a part of cost
10 In monopoly at various output levels AR = MR AR < MR AR > MR AR and MR curves are parallel
11 Under perfect competition MR and AR curves are the same are different intersect each other are parallel
12 When marginal revenue is zero, total revenue is maximum minimum zero decreasing
13 Which of the following is NOTa characteristic of perfect competition? free entry and exit of the firm demand curve of a firm is horizontal marginal revenue curve is horizontal individual firm can influence the price
14 Marginal revenue is always less than price at all levels of output in perfect competition monopoly both A and B none of the above
15 The major difference between perfect competition and monopolistic competition is unity of frims differentiated product rate of profit free exit and entry
16 Which is NOTtrue perfect monopoly does not exist in real world perfect competition does not exist in real world every monopoly is evil every firm wants to reduce competition
17 In the business world a firm working under perfect competition wants to become a monopoly a firm working under monopoly wants to become a competitive firm monopoly price is always higher than competitive price competitive price is always higher than monopoly price
18 In case of perfect competition in the market marginal revenue curve always slopes upward marginal revenue curve always slopes downward marginal revenue is always equal to average revenue marginal revenue is always less than to average revenue
19 In case of monopoly marginal revenue curve always slopes upward total revenue curve always slopes upward marginal revenue is always equal to average revenue marginal revenue is always less than average revenue
20 Which is a condition for existence of monopoly big size identical product absence of government taxes no close substitute
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