Question # 1

Wages of temporary labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

Next best alternative use of resources is known as:

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Implicit cost

Explicit cost

Opportunity cost

Sunk cost

MPP stand is

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Marginal price product

Marginal Physical Product

Marginal Physical Price

Marginal Perfect Price

MC cuts AC at:

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Maximum point

Minimum point

Increasing point

Decreasing point

According to which theory every factor of production gets the reward of its services equal to its marginal product

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Demand and supply theory

Liquidity preference theory

Marginal productivity theory

Uncertainty theory

According to which economist, it is difficult to find marginal product of a factor of production

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Marshall and pigou

Adam Smith and Malthus

Keynes

Taussing and Davenport

When Ac is rising:

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AC = MC

MC > AC

MC < AC

Both (b) and (c)

Tendency of demand curve of a factor of production is

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Positive

Negative

Zero

Horizontal

Long run average cost curve is:

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Planning curve

Envelope curve

Flatter curve

All of three

AR curve is also called:

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Supply curve

Demand curve

Utility curve

Cost curve

If a firm does not produce anything then its variable cost is:

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Minimum

Negative

Maximum

Zero

Under perfect competition average revenue is equal to:

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Average cost

Price

Marginal revenue

Both b and c

TC = TFC +:

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MC

AR

TVC

TAC

According to which economist, some factors are indivisble

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Adam Smith

Marshall

Davenport

Hobson

Cost of a firm on the optimum combination of factors of production is

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Minimum

Maximum

Reasonable

Positive

Marginal revenue product curve is called

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Demand curve of firm

Supply curve of firm

Demand curve of industry

Supply curve of industry

All factors of production are variable in the:

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Market period

Long period

Short period

All of these

Production of the last unit of a factor of production is called

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Total product

Average product

Marginal product

Positive product

When AC is falling then:

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MC = AC

AVC = MC

MC > AC

MC < AC

According to which economist, it is difficult to find marginal product

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Robbins and Keynes

Marshall and pigou

Adam Smith and Mathuls

Taussing and Davenport

The rate change in total cost is:

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TR

MC

MR

TC

In short average cost curve is:

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Saucer shaped

Negative slope

U shaped

Flatter

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Principles of Economics Icom Part 1 English Medium Chapter 8 Online Test MCQs With Answers

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