First Year Principles of Economics Chapter 6 Online MCQ Test for 1st Year Principles of Economics Chapter 6 (Firm's Costs of Production and Revenues)

This online test contains MCQs about following topics:

. Firm's costs of production . Kinds of costs according to payment . Short run costs . Concepts of pre unit costs of output . Interrelationship of average cost and marginal cost . Long run costs . Derivation of long run average cost curve . Derivation of long run marginal cost curve

ICOM Part 1 Economics Ch 6 Test
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MCQ's Test For Chapter 6 "Principles of Economics Icom Part 1 English Medium Chapter 6 Online Test"

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Principles of Economics Icom Part 1 English Medium Chapter 6 Online Test

00:00
Question # 1

The costs which the firm has to bear in every condition in the short period, are called

Question # 2

Fixed costs are those costs of production which

Question # 3

The additional cost which a firm has to bear in order to produce additional unit of output, are called

Question # 4

The factor of production which is result of human struggle.

Question # 5

The amount of money which a firm gets by selling a particular quantity of output, is called

Question # 6

Rent of the building, interest of the capital and salaries of the permanent staff etc are called

Question # 7

Reward of Land is called.

Question # 8

To increase profit a firm minimises

Question # 9

When average cost curve is rising, then marginal cost curve

Question # 10

All the factors production can be hired except.

Question # 11

When total revenue is maximum, marginal revenue is

Question # 12

One of the following is considered as capital:

Question # 13

Reward of capital is called

Question # 14

One of the following is a fixed capital:

Question # 15

When average cost is minimum, marginal cost is - - - - - - - - average cost

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11th Principle of Economics Chapter 6 Test

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ICom Part 1 Principles of Economics ( English Medium) Chapter 6 Important MCQ's

Sr.# Question Answer
1 The additional cost which a firm has to bear in order to produce additional unit of output, are called
A. Average cost
B. Marginal cost
C. Fixed costs
D. Variable costs
2 One of the following is considered as capital:
A. Land
B. Labour
C. Raw material
D. Both (a) and (b)
3 Which is not included in variable cost
A. price of raw material
B. Advertisement expenditures
C. rent of builiding
D. wages of labour
4 The costs which the firm has to bear in every condition in the short period, are called
A. Total costs
B. Fixed costs
C. Variable costs
D. Marginal costs
5 Fixed costs are those costs of production which
A. Rise with quantity of output
B. Do not change with any amount of production
C. Decline with rising production
D. None of these
6 The demand curve for monopolist is also called
A. Total revenue
B. Average revenue
C. Marginal revenue
D. Zero revenue
7 Nature of inter-relationship of average revenue and marginal revenue under perfect competition is
A. Average revenue remains more than marginal revenue
B. Average revenue remains less than marginal revenue
C. Marginal revenue remains less than average revenue
D. Average revenue remains equal to marginal revenue
8 Additional amount of money which a firm gets by selling an additional unit of output is called
A. Average revenue
B. Marginal revenue
C. Total revenue
D. Revenue
9 The factor of production which is result of human struggle.
A. Land
B. Labour
C. Capital
D. Organization
10 The amount of money which a firm gets by selling a particular quantity of output, is called
A. Average revenue
B. Marginal revenue
C. Total revenue
D. Fixed cost

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