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	A firm is in equilibrium when its	Marginal revenue is equal to marginal cost Marginal revenue is more than marginal cost Marginal revenue is less than marginal cost Marginal revenue is equal to average cost
2	Firm earns maximum profit at the point where	Difference between total costs and total revenue is highest and the total revenue curve is above Total costs and total revenue curves intersect each other Total costs curve is above the total revenue curve Difference between total costs and total revenue is minimum
3	Dividing total revenue by the sold units of output, is attained	Average revenue Marginal revenue Total revenue Average cost
4	The amount of money which a firm gets by selling a particular quantity of output, is called	Average revenue Marginal revenue Total revenue Fixed cost
5	In the short period, fixed cost curve has the tendency	Parallel to ox-axis Parallel to oy-axis Positive Negative
6	Rent of the building, interest of the capital and salaries of the permanent staff etc are called	Fixed costs Variable Marginal cost Average cost
7	Price of raw material, wages of temporary labourers, transport costs etc,are called	Fixed costs Variable costs Marginal cost Total cost
8	Under monopoly average revenue curve remains ______ the marginal revenue curve	Below Above Parallel to None of three
9	Nature of inter-relationship of average revenue and marginal revenue under perfect competition is	Average revenue remains more than marginal revenue Average revenue remains less than marginal revenue Marginal revenue remains less than average revenue Average revenue remains equal to marginal revenue
10	When average cost curve is rising, then marginal cost curve	Remains below it Remains above it Remains parallel to it Is vertical
11	When average cost curve id falling, then marginal cost curve	Remains below it Remains above it Remains parallel to it Is vertical
12	The shape of average cost curve in the short period is	Vertical Horizontal Positively sloping Like English alphabet U
13	The additional cost which a firm has to bear in order to produce additional unit of output, are called	Average cost Marginal cost Fixed costs Variable costs
14	The costs which increase with the increase in output and decrease with the decrease in output, are called	Variable costs Fixed costs Average costs Marginal cost
15	The costs which the firm has to bear in every condition in the short period, are called	Total costs Fixed costs Variable costs Marginal costs

Download This Set