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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 6 Online Test MCQs With Answers
Question # 1
One of the following is considered as capital:
Choose an answer
Land
Labour
Raw material
Both (a) and (b)
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Question # 2
Dividing total fixed costs by the units of output, is attained
Choose an answer
Average fixed cost
Average variable cost
Average cost
Marginal cost
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Question # 3
Which one is comparatively the most important factor ?
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Land
Labour
Capital
Organization
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Question # 4
What is the reward of Labour ?
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Rent
Wage
Interest
Profit
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Question # 5
Slope of average revenue and marginal revenue cures under monopoly is
Choose an answer
positive
negative
zero
none of three
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Question # 6
Under monopoly average revenue curve remains ______ the marginal revenue curve
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Below
Above
Parallel to
None of three
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Question # 7
When average cost curve is rising, then marginal cost curve
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Remains below it
Remains above it
Remains parallel to it
Is vertical
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Question # 8
In the short period, fixed cost curve has the tendency
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Parallel to ox-axis
Parallel to oy-axis
Positive
Negative
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Question # 9
The additional cost which a firm has to bear in order to produce additional unit of output, are called
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Average cost
Marginal cost
Fixed costs
Variable costs
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Question # 10
The demand curve for monopolist is also called
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Total revenue
Average revenue
Marginal revenue
Zero revenue
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Question # 11
Dividing total variable costs by the units of output, is attained
Choose an answer
Average fixed cost
Average variable cost
Average cost
Marginal cost
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Question # 12
One of the following is not included in explicit cost
Choose an answer
Wages of labourers
Reward of entrepreneur's personal labour
Price of raw material
Interest of capital
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Question # 13
Fixed costs are those costs of production which
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Rise with quantity of output
Do not change with any amount of production
Decline with rising production
None of these
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Question # 14
All the factors production can be hired except.
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Land
Labour
Capital
Organization
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Question # 15
The kind of market, in which a single firm produces a single commodity which has no close substitute
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Monopoly
Duopoly
Oligopoly
Perfect competition
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Question # 16
When a firm's average total cost is equal to price, then it is called as
Choose an answer
Normal profit
Abnormal profit
Normal loss
Abnormal loss
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