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Question-1
_________ cannot be changed in the short period .
(A)
Fixed Cost
(B)
Production Cost
(C)
Total Cost
(D)
Variable Cost
Question-2
If the marginal revenue is less than the marginal cost than to profit maximum a firm should:
(A)
Reduce Output
(B)
Increase Output
(C)
Leave output where it is
(D)
Increase Costs
Question-3
The average variable cost curve:
(A)
Is derived from the average fixed costs
(B)
Converges with the average cost as output increases
(C)
Equals the total costs divided by the output
(D)
Equals revenue minus profits
Question-4
If law of diminishing return is in operation average cost
(A)
Decreases
(B)
Increases
(C)
Remains Constant
(D)
Decreases Slowly
Question-5
If firms earn normal profits :
(A)
They will aim to leave the industry
(B)
Other firms will join the industry
(C)
The total revenue equal total costs
(D)
No profit is made in accounting terms
Question-6
__________ increases and decreases with the volume of output.
(A)
Fixed Cost
(B)
Variable Cost
(C)
Total Cost
(D)
Money Cost
Question-7
Price equals
(A)
Total revenue - Quantity
(B)
Total revenue/Quantity sold
(C)
Total quantity sold × Quantity sold
(D)
Total revenue/Total cost
Question-8
If all the units of the product are sold at the same price average revenue will be __________ marginal revenue.
(A)
Equal to
(B)
More than
(C)
Lesser than
(D)
More or lesser than
Question-9
If marginal product is below average product:
(A)
The total product will fall
(B)
The average product will fall
(C)
Average variable costs will fall
(D)
Total revenue will fall
Question-10
If marginal cost is positive and falling
(A)
Total cost is falling
(B)
Total cost is increasing at a falling rate
(C)
Total cost is falling at a falling rate
(D)
Total cost is increasing at an increasing rate
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Plus 2 Humanities
Kerala (English Medium)
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Production Function-Returns to a factor(Micro)
Supply and Elasticity of Supply
Cost Revenue and Producers Equilibrium
Forms of Market
National Income Accounting and Circular flow of Income (Macro)
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