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Test: Theory Of Cost- 4 - CA Foundation MCQ


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30 Questions MCQ Test Business Economics for CA Foundation - Test: Theory Of Cost- 4

Test: Theory Of Cost- 4 for CA Foundation 2024 is part of Business Economics for CA Foundation preparation. The Test: Theory Of Cost- 4 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Theory Of Cost- 4 MCQs are made for CA Foundation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Theory Of Cost- 4 below.
Solutions of Test: Theory Of Cost- 4 questions in English are available as part of our Business Economics for CA Foundation for CA Foundation & Test: Theory Of Cost- 4 solutions in Hindi for Business Economics for CA Foundation course. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free. Attempt Test: Theory Of Cost- 4 | 40 questions in 40 minutes | Mock test for CA Foundation preparation | Free important questions MCQ to study Business Economics for CA Foundation for CA Foundation Exam | Download free PDF with solutions
Test: Theory Of Cost- 4 - Question 1

Which of the following is considered production in Economics?

Test: Theory Of Cost- 4 - Question 2

Identify the correct statement :

Detailed Solution for Test: Theory Of Cost- 4 - Question 2

The average product is at its maximum when marginal product is equal to average product.

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Test: Theory Of Cost- 4 - Question 3

Which of the following is not a characteristic of land?

Test: Theory Of Cost- 4 - Question 4

Which of the following statements is true?

Test: Theory Of Cost- 4 - Question 5

In the production of wheat, all of the following are variable factors that are used by the farmer except :

Test: Theory Of Cost- 4 - Question 6

The marginal product of a variable input is best described as:

Test: Theory Of Cost- 4 - Question 7

Productivity of land can be raised by:

Test: Theory Of Cost- 4 - Question 8

The short run, as economists use the phrase, is characterized by:

Test: Theory Of Cost- 4 - Question 9

The marginal, average, and total product curves encountered by the firm producing in the short run exhibit all of the following relationships except:

Test: Theory Of Cost- 4 - Question 10

To economists, the main difference between the short run and the long run is that :

Test: Theory Of Cost- 4 - Question 11

Which of the following is the best definition of the “production function”?

Test: Theory Of Cost- 4 - Question 12

The “law of diminishing returns” applies to :

Test: Theory Of Cost- 4 - Question 13

Diminishing returns occur :

Test: Theory Of Cost- 4 - Question 14

(Direction 14 - 16) Use the following information to answer questions.

 

Q. What is the total output when 2 hours of labour are employed?

Test: Theory Of Cost- 4 - Question 15

 

Q. What is the marginal product of the third hour of labour?

Test: Theory Of Cost- 4 - Question 16

 

Q. What is the average product of the first three hours of labour? What is the average product of the first three hours of labour?

Test: Theory Of Cost- 4 - Question 17

Which cost increases continuously with the increase in production?

Test: Theory Of Cost- 4 - Question 18

Which of the following cost curves is never ‘U’ shaped?

Test: Theory Of Cost- 4 - Question 19

Total cost in the short run is classified into fixed costs and variable costs. Which one of the following is a variable cost?

Test: Theory Of Cost- 4 - Question 20

In the short run, when the output of a firm increases, its average fixed cost :

Test: Theory Of Cost- 4 - Question 21

Which one of the following is also known as planning curve?

Test: Theory Of Cost- 4 - Question 22

The cost of one thing in terms of the alternative given up is known as:

Test: Theory Of Cost- 4 - Question 23

With which of the following is the concept of marginal cost closely related?

Test: Theory Of Cost- 4 - Question 24

Which of the following statements is correct?

Test: Theory Of Cost- 4 - Question 25

Which of the following is an example of an “explicit cost”?

Test: Theory Of Cost- 4 - Question 26

Which of the following is an example of an “implicit cost”?

Test: Theory Of Cost- 4 - Question 27

(Direction 27 - 29) Use the following data to answer questions.

 

Q. The average fixed cost of 2 units of output is  :

Test: Theory Of Cost- 4 - Question 28

 

Q. The marginal cost of the sixth unit of output is : 

Detailed Solution for Test: Theory Of Cost- 4 - Question 28

 

Test: Theory Of Cost- 4 - Question 29

 

Q. Diminishing marginal returns start to occur between units : 

Test: Theory Of Cost- 4 - Question 30

Marginal cost is defined as:

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