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Online Tests
Economics Ics Part 1 English Medium Chapter 13 Online Test MCQs With Answers
Question # 1
Long rum is a period
Choose an answer
three years or longer
long enough to allow firms to change plant size and capacity
in which a firm need not get loans
which affects larger more than smaller firms
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Question # 2
MC is given by slope of
Choose an answer
TFC
TC
ATC
AVC
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Question # 3
Long run cost curves can be termed as.
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V-shaped
U-shaped
Oval-shaped
Dish-shaped
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Question # 4
Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called
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externality
wastage
extra cost
opportunity cost
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Question # 5
When AC curve rises, MC curve remains:
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Above AC
Below AC
Equal AC
Negative
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Question # 6
Short run means is a period
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less than one year
in which at least one input is fixed
in which no input can be changed
in which firms can easily enter or exit
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Question # 7
The shape of rectangular hyperbola is made by
Choose an answer
MC
AFC
AVC
TFC
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Question # 8
As output increases
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MC curve firstly falls then rises
MC firstly rises then falls
MC continuously rises
continuously falls
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Question # 9
All factors of productions are variable in the:
Choose an answer
Marked period
Short period
long period
None of the three
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Question # 10
Which statement is true
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ATC + AVC = AFC
ATC + MC = AFC
ATC + AFC = AVC
AFC + AVC = ATC
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Question # 11
In monopoly at various output levels
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AR = MR
AR < MR
AR > MR
AR and MR curves are parallel
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Question # 12
All inputs can be varied in
Choose an answer
short run
long run
both periods
non of the period
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Question # 13
TC
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rises continuously
falls then rises
is horizontal to x-axis
is parallel to y-axis
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Question # 14
The sacrifice of an alternative use of resources to produce something is called its
Choose an answer
real cost
opportunity cost
sacrifice cost
alternative cost
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Question # 15
Excise tax is a part of
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fixed cost
variable cost
implicit cost
in not a part of cost
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Question # 16
Unit cost is another name for
Choose an answer
MC
AVC
ATC
AFC
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Question # 17
The cost which a firm incurs for purchasing or hiring factors is called
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implicit
explicit
real
basic
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Question # 18
Which on of the following represents fixed cost:
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Price of raw material
Wages
Interests on loan
Rent of land
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Question # 19
One of the following is an example of monopoly.
Choose an answer
Motorways
Pakistan railways
PIA
None of these
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Question # 20
Total fixed cost curve is .
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Parallel to the vertical axis
Parallel to the horizontal axis
Sloping downward to the right
Sloping upward to the right
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