| 1 |
If a firm does not produce anything then its variable cost is: |
- A. Minimum
- B. Negative
- C. Maximum
- D. Zero
|
| 2 |
With the increase of output, which cost of production increases: |
|
| 3 |
At least one factor is fixed in: |
- A. Market period
- B. Long period
- C. Short period
- D. All of three
|
| 4 |
Production of the last unit of a factor of production is called |
- A. Total product
- B. Average product
- C. Marginal product
- D. Positive product
|
| 5 |
When Ac is rising: |
- A. AC = MC
- B. MC > AC
- C. MC < AC
- D. Both (b) and (c)
|
| 6 |
According to which theory every factor of production gets the reward of its services equal to its marginal product |
- A. Demand and supply theory
- B. Liquidity preference theory
- C. Marginal productivity theory
- D. Uncertainty theory
|
| 7 |
TC = TFC +: |
- A. MC
- B. AR
- C. TVC
- D. TAC
|
| 8 |
Wages of permanent labourers are: |
- A. Fixed cost
- B. Marginal cost
- C. Total cost
- D. Variable cost
|
| 9 |
Next best alternative use of resources is known as: |
- A. Implicit cost
- B. Explicit cost
- C. Opportunity cost
- D. Sunk cost
|
| 10 |
Marginal revenue product is the amount of money attained by selling |
- A. Average product
- B. Marginal product
- C. Total product
- D. None of these
|
