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	Duopoly refers to:	Single seller Two seller Multiple sellers Multiple buyers
2	Monopoly refers to:	Single buyer Single seller Single producer Both b and c
3	Difference between total revenue and total cost presents:	Price Profit Production Loss
4	At shut down position:	AC = AR AVC = AR AVC < AR AVC > AR
5	How many conditions of firm's equilibrium are there ?	One Two Three Four
6	A firm suffers abnormal losse, when:	AC = AR AVC = AR AVC < AR AVC > AR
7	A firm gains abnormal profit, when:	TR = TC TR > TC TR < TC MC = MR
8	A firm gains normat profit, where:	P=AC P>AC P<AC AC>AR
9	Basic object of a firm is to get maximum:	Price Profit Production All of three
10	A firm is in equilibrium, where:	AR = MR AC = MC AC = MR MC = MR
11	Wages of permanent labourers are:	Fixed cost Marginal cost Total cost Variable cost
12	Wages of temporary labourers are:	Fixed cost Marginal cost Total cost Variable cost
13	Self owned resources are known as:	Implicit cost Explicit cost Opportunity cost Sunk cost
14	Under perfect competition:	AR > MR AR < MR AR = MR All of three
15	AR curve is also called:	Supply curve Demand curve Utility curve Cost curve