11th Class ICom Part 1 Principles of Economics Chapter Wise Online MCQ Test With Answers PDF English Medium

Principles of Economics Icom Part 1 English Medium Online Test

Sr. #	Questions	Answers Choice
1	Under monopoly the slopes of AR and MR are:	Zero Positive Negative None of three
2	Next best alternative use of resources is known as:	Implicit cost Explicit cost Opportunity cost Sunk cost
3	Under perfect competition average revenue is equal to:	Average cost Price Marginal revenue Both b and c
4	Long run average cost curve is:	Planning curve Envelope curve Flatter curve All of three
5	In short average cost curve is:	Saucer shaped Negative slope U shaped Flatter
6	MC cuts AC at:	Maximum point Minimum point Increasing point Decreasing point
7	When Ac is rising:	AC = MC MC > AC MC < AC Both (b) and (c)
8	When AC is falling then:	MC = AC AVC = MC MC > AC MC < AC
9	The rate change in total cost is:	TR MC MR TC
10	TC = TFC +:	MC AR TVC TAC
11	With the increase of output, which cost of production increases:	VC AC FC MC
12	If a firm does not produce anything then its variable cost is:	Minimum Negative Maximum Zero
13	Fixed cost consists of:	Rent Salaries Interest All of them
14	Firm's cost depends upon:	Revenue Supply Price Output
15	All factors of production are variable in the:	Market period Long period Short period All of these