Question # 1

Reward of capital is called

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Rent

Wage

Interest

Profit

Dividing total variable costs by the units of output, is attained

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Average fixed cost

Average variable cost

Average cost

Marginal cost

In perfect competition the average revenue curve is

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Vertical

Horizontal

Rising

Declining

One of the following is not included in implicit cost

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Interest of entrepreneur's own capital

Rent of building

Reward of entrepreneur's own labour

Reward of entrepreneur's own land

Dividing total fixed costs by the units of output, is attained

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Average fixed cost

Average variable cost

Average cost

Marginal cost

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

Additional amount of money which a firm gets by selling an additional unit of output is called

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Average revenue

Marginal revenue

Total revenue

Revenue

Which on factor is the basic factor ?

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Land

Labour

Capital

Organization

Which one factor is free gift of nature ?

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Land

Labour

Capital

Organization

The slope of MR curve in monopoly is

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Vertical

Increasing

Horizontal

Negative

When average cost falls, marginal cost is - - - - - - average cost

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Less than

More than

Equal to

None of three

Average cost curve is in short run

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Negative sloped

U-shaped

L-shaped

Positive sloped

How many kinds of costs are in the short period

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Two

Three

Four

Five

When production of a firm increases then total variable costs

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Decrease

Increase

Remain constant

Do not change

Slope of average revenue and marginal revenue cures under monopoly is

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positive

negative

zero

none of three

Which one is immobile factor ?

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Land

Labour

Capital

Organization

One of the following is not land:

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White house

Sub continents

Power house

Both (a) and (b)

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

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Less than

More than

Equal to

None of three

Under perfect competition average revenue is always - - - marginal revenue

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Equal to

Less than

More than

None of three

The shape of average cost curve in the short period is

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Vertical

Horizontal

Positively sloping

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

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