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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 8 Online Test MCQs With Answers
Question # 1
Wages of temporary labourers are:
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Fixed cost
Marginal cost
Total cost
Variable cost
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Question # 2
Next best alternative use of resources is known as:
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Implicit cost
Explicit cost
Opportunity cost
Sunk cost
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Question # 3
MPP stand is
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Marginal price product
Marginal Physical Product
Marginal Physical Price
Marginal Perfect Price
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Question # 4
MC cuts AC at:
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Maximum point
Minimum point
Increasing point
Decreasing point
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Question # 5
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
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Question # 6
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
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Question # 7
When Ac is rising:
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AC = MC
MC > AC
MC < AC
Both (b) and (c)
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Question # 8
Tendency of demand curve of a factor of production is
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Positive
Negative
Zero
Horizontal
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Question # 9
Long run average cost curve is:
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Planning curve
Envelope curve
Flatter curve
All of three
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Question # 10
AR curve is also called:
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Supply curve
Demand curve
Utility curve
Cost curve
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Question # 11
If a firm does not produce anything then its variable cost is:
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Minimum
Negative
Maximum
Zero
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Question # 12
Under perfect competition average revenue is equal to:
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Average cost
Price
Marginal revenue
Both b and c
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Question # 13
TC = TFC +:
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MC
AR
TVC
TAC
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Question # 14
According to which economist, some factors are indivisble
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Adam Smith
Marshall
Davenport
Hobson
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Question # 15
Cost of a firm on the optimum combination of factors of production is
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Minimum
Maximum
Reasonable
Positive
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Question # 16
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
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Question # 17
All factors of production are variable in the:
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Market period
Long period
Short period
All of these
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Question # 18
Production of the last unit of a factor of production is called
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Total product
Average product
Marginal product
Positive product
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Question # 19
When AC is falling then:
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MC = AC
AVC = MC
MC > AC
MC < AC
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Question # 20
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
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Question # 21
The rate change in total cost is:
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TR
MC
MR
TC
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Question # 22
In short average cost curve is:
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Saucer shaped
Negative slope
U shaped
Flatter
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