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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 6 Online Test MCQs With Answers
Question # 1
Under perfect competition average revenue is always - - - marginal revenue
Choose an answer
Equal to
Less than
More than
None of three
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Question # 2
When average cost increases, marginal cost is - - - - - - average cost
Choose an answer
Less than
More than
Equal to
None of three
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Question # 3
How many kinds of costs are in the short period
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Two
Three
Four
Five
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Question # 4
Which one of the following represents fixed cost
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Price of raw material
Wages
Capital goods
Wages of permanent labour
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Question # 5
Total expenditures which a firm bear to produce a particular quantity of output
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Fixed costs
Variable costs
Total costs
Average fixed cost
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Question # 6
All the factors production can be hired except.
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Land
Labour
Capital
Organization
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Question # 7
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 # 8
Average revenue is equal to
Choose an answer
Price
Total revenue
Marginal revenue
Average cost
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Question # 9
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 # 10
One of the following is not included in explicit cost
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Wages of labourers
Reward of entrepreneur's personal labour
Price of raw material
Interest of capital
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Question # 11
When production of a firm increases then total variable costs
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Decrease
Increase
Remain constant
Do not change
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Question # 12
Marginal cost curve cuts average cost curve when average cost is
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Maximum
Minimum
Increasing
Decreasing
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Question # 13
The shape of average cost curve in the short period is
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Vertical
Horizontal
Positively sloping
Like English alphabet U
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Question # 14
The amount of money which a firm gets by selling a particular quantity of output, is called
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Average revenue
Marginal revenue
Total revenue
Fixed cost
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Question # 15
One of the following is a fixed capital:
Choose an answer
Raw material
Machinery
Saving certificate
None of these
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Question # 16
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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