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Test: Theory Of Cost- 4 - CA Foundation MCQ


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30 Questions MCQ Test - Test: Theory Of Cost- 4

Test: Theory Of Cost- 4 for CA Foundation 2024 is part of 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.
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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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