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 Change in total cost on the production of one additional unit of output is calculated as . Marginal cost Average cost Total cost Marginal product
2 When AC curve rises, MC curve remains: Above AC Below AC Equal AC Negative
3 Under monopoly: AR = MR AR > MR AR < MR AR = MR
4 Long run average cost curve is : U shaped L shaped Dish shaped None of the three
5 Lowest point on the average cost curve in the long-run represents; Optimum factors combination Maximum level of output Maximum level of total revenue None of the three
6 All factors of productions are variable in the: Marked period Short period long period None of the three
7 Which on of the following represents fixed cost: Price of raw material Wages Interests on loan Rent of land
8 Average cost and marginal cost curves in the short-run are: Quadratic function Linear function Cubic function Log function
9 Total cost curve in general is a. Linear function Quadratic function Cubic function Long function
10 As output increase, one of the following costs will also increase: Marginal cost Average cost Variable cost Fixed cost
11 A monopoly market can be controlled by. Fixing of the price by the government Administrative measures Introduction of substitutes Nationalisation
12 Extent of market mainly depends upon. Availability of means of transport and communication Nature of supply Government restriction Perishable goods
13 Different kinds of imperfect competition are. Monopoly Monopolistic competition Oligopoly All the three
14 A monopolist is always interested and obtains. Normal profit Subnormal profit Continues production even at loss Super normal profit
15 Buyers and sellers under perfect competition are. The same in number Large in number Small in number None of the above
16 The market of cars is. International market Regional market Local market Domestic market
17 A short period market is the market of. Perishable goods Durable goods Consumer goods Capital goods
18 The concept of perfect competition was introduced by. Adam Smith Alfred Marshall Keynes Malthus
19 Different prices are charged from different customers of the same product. This is called. Short run price Price instability Price discrimination Long run price
20 Normal price is a price which prevails In day to day market In domestic market In the long run market In a foreign market
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