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Year 11 Exam  >  Year 11 Tests  >  Economics for GCSE/IGCSE  >  Test: Firms’ Costs, Revenue & Objectives - Year 11 MCQ

Test: Firms’ Costs, Revenue & Objectives - Year 11 MCQ


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10 Questions MCQ Test Economics for GCSE/IGCSE - Test: Firms’ Costs, Revenue & Objectives

Test: Firms’ Costs, Revenue & Objectives for Year 11 2024 is part of Economics for GCSE/IGCSE preparation. The Test: Firms’ Costs, Revenue & Objectives questions and answers have been prepared according to the Year 11 exam syllabus.The Test: Firms’ Costs, Revenue & Objectives MCQs are made for Year 11 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Firms’ Costs, Revenue & Objectives below.
Solutions of Test: Firms’ Costs, Revenue & Objectives questions in English are available as part of our Economics for GCSE/IGCSE for Year 11 & Test: Firms’ Costs, Revenue & Objectives solutions in Hindi for Economics for GCSE/IGCSE course. Download more important topics, notes, lectures and mock test series for Year 11 Exam by signing up for free. Attempt Test: Firms’ Costs, Revenue & Objectives | 10 questions in 20 minutes | Mock test for Year 11 preparation | Free important questions MCQ to study Economics for GCSE/IGCSE for Year 11 Exam | Download free PDF with solutions
Test: Firms’ Costs, Revenue & Objectives - Question 1
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What type of costs remain constant regardless of the level of output?

Detailed Solution for Test: Firms’ Costs, Revenue & Objectives - Question 1
Fixed costs remain constant irrespective of the level of output. They include expenses like rent, salaries, and insurance premiums.
Test: Firms’ Costs, Revenue & Objectives - Question 2
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Which costs fluctuate in direct proportion to changes in output?

Detailed Solution for Test: Firms’ Costs, Revenue & Objectives - Question 2
Variable costs increase or decrease with changes in output levels. Examples include raw materials and direct labor costs.
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Test: Firms’ Costs, Revenue & Objectives - Question 3
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What is the formula for calculating profit?

Detailed Solution for Test: Firms’ Costs, Revenue & Objectives - Question 3
Profit is calculated as Total Revenue minus Total Costs. It represents the surplus after covering all expenses.
Test: Firms’ Costs, Revenue & Objectives - Question 4
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What is the primary objective for most firms?
Detailed Solution for Test: Firms’ Costs, Revenue & Objectives - Question 4

Profit maximization is the main objective for most firms, aiming to achieve the highest possible surplus.

Test: Firms’ Costs, Revenue & Objectives - Question 5
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Why do firms assess their costs regularly?
Detailed Solution for Test: Firms’ Costs, Revenue & Objectives - Question 5
Firms assess costs to identify opportunities for reducing expenses, thereby maximizing their profit margins.
Test: Firms’ Costs, Revenue & Objectives - Question 6
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What is a common metric used by firms prioritizing growth?
Detailed Solution for Test: Firms’ Costs, Revenue & Objectives - Question 6
Market capitalization is a metric used by firms focusing on growth, indicating their total market value.
Test: Firms’ Costs, Revenue & Objectives - Question 7
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What do socially conscious firms prioritize alongside profitability?
Detailed Solution for Test: Firms’ Costs, Revenue & Objectives - Question 7
Socially conscious firms prioritize achieving social goals alongside profitability, such as environmental sustainability or poverty alleviation.
Test: Firms’ Costs, Revenue & Objectives - Question 8
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Which costs make up Total Costs (TC)?
Detailed Solution for Test: Firms’ Costs, Revenue & Objectives - Question 8
Total Costs (TC) include both Fixed Costs (FC) and Variable Costs (VC), representing the entire cost structure of a firm.
Test: Firms’ Costs, Revenue & Objectives - Question 9
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What is Average Revenue?
Detailed Solution for Test: Firms’ Costs, Revenue & Objectives - Question 9
Average Revenue is the revenue generated per unit of output sold, helping firms assess their pricing strategies.
Test: Firms’ Costs, Revenue & Objectives - Question 10
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Why do new firms often prioritize survival in the short term?
Detailed Solution for Test: Firms’ Costs, Revenue & Objectives - Question 10
New firms prioritize survival initially to avoid failure, as startup ventures face higher risks of closure in their early stages.
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