Economics - Average And Total Cost
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This is the MCQs of Economics
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Question 1 of 14
1. Question
Accounting profit is equal to total revenue minus:
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Question 2 of 14
2. Question
Economic profit is equal to total revenue minus:
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Question 3 of 14
3. Question
Naila owns a small pottery factory. She can make 1000 pieces of pottery per year and sell them for Rs 100 each. It costs Naila Rs 20,000 for the raw materials to produce the 1,000 pieces of pottery She has invested Rs100,000 in her factory and equipment: Rs50,000 from her savings and Rs50,000 borrowed at 10 per cent. (Assume that she could have loaned her money out at 10 her per cent, too) Naila can work at a competing pottery factory for Rs40,000 per year. The accounting profit at Naila’s pottery factory is:
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Question 4 of 14
4. Question
Naila owns a small pottery factory. She can make 1000 pieces of pottery per year and sell them for Rs 100 each. It costs Naila Rs 20,000 for the raw materials to produce the 1,000 pieces of pottery She has invested Rs100,000 in her factory and equipment: Rs50,000 from her savings and Rs50,000 borrowed at 10 per cent. (Assume that she could have loaned her money out at 10 her per cent, too) Naila can work at a competing pottery factory for Rs40,000 per year. The economics profit at Naila’s pottery factory is:
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Question 5 of 14
5. Question
If there are implicit costs of production
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Question 6 of 14
6. Question
If a production function exhibits diminishing marginal product. its slope
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Question 7 of 14
7. Question
If a production function exhibits diminishing marginal product the slope of the corresponding total-cost curve
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Question 8 of 14
8. Question
Which of the following statements is true?
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Question 9 of 14
9. Question
Which of the following is a variable cost in the short run?
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Question 10 of 14
10. Question
When marginal costs are below average total costs,
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Question 11 of 14
11. Question
If marginal costs equal average total costs,
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Question 12 of 14
12. Question
If as the quantity produced increase a production function first exhibits increasing marginal product and later diminishing marginal product, the corresponding marginal-cost curve will:
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Question 13 of 14
13. Question
In the long run, if a very small factory were to expand its scale of operations it is likely that it would initially experience
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Question 14 of 14
14. Question
The efficient scale of production is the quantity of output that minimizes:
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