BCOM ECO-1 MCQ's




Question 151 :
The total amount of output produced is called ______.

  1. Total supply
  2. Total product
  3. Both a and b
  4. None of the above
  

Question 152 :
Which of the following curves is used for planning ______

  1. SAC
  2. SMC
  3. LAC
  4. LMC
  

Question 153 :
An average of past observations used to predict future referred to :

  1. Delphi method
  2. Moving average method
  3. Sales
  4. Managerial skill
  

Question 154 :
Demand function explains the functional relationship between price and demand.

  1. TRUE
  2. FALSE
  

Question 155 :
The Learning curve slopes downward showing a ______ in the cost per unit of output.

  1. increase
  2. decline
  3. both (a) and (b)
  4. None of these
  

Question 156 :
In long–run :

  1. Production level can be increased infinitely
  2. All factors are variable
  3. Everything can be changed
  4. Production level refers to period of 10 years and above
  

Question 157 :
Production function refers to _____ of input into output.

  1. transformation
  

Question 158 :
With an increase in supply, demand remaining unchanged, the equilibrium price rises.

  1. TRUE
  2. FALSE
  

Question 159 :
Variable costs are ______ cost.

  1. Prime
  2. Incrementalt
  3. All of the above
  4. Prime
  

Question 160 :
Capital mangement implies planning of capital expenditure.

  1. TRUE
  2. FALSE
  

Question 161 :
A percentage change in quantity demanded divided by a percentage change in price is called

  1. income elasticity of demand
  2. price elasticity of demand
  3. price elasticity of supply
  4. elasticity of substitution
  

Question 162 :
Learning curve indicate increase in cost of production to the decrease in output.

  1. TRUE
  2. FALSE
  

Question 163 :
A large firm can enjoy financial economies and marketing economies.

  1. TRUE
  2. FALSE
  

Question 164 :
______ is attributed to the diseconomies of scale after a certain point of further expansion.

  1. Increasing LAC
  2. decreasing LAC
  3. All of the above
  

Question 165 :
Minimum point of the LAC curve implies ______ plant size.

  1. Social
  2. Optimum
  3. Private
  4. None of these
  

Question 166 :
Which of the following is a possible coefficient of inelastic demand ?

  1. 3.3
  2. 0.6
  3. 1.1
  4. 1
  

Question 167 :
_____ deals with various aspects of supply of a commodity.

  1. Production analysis
  2. None of these
  3. Supply analysis
  4. Demand analysis
  

Question 168 :
______ is not related to the level of output

  1. Total cost
  2. Total variable cost
  3. Total fixed cost
  4. average cost
  

Question 169 :
Increasing return to scale curve is upward sloping curve.

  1. TRUE
  2. FALSE
  

Question 170 :
The ______ is measured by the shift in the LAC with respect to cumulative output change.

  1. Learning effect
  2. None of these
  

Question 171 :
______ causes LAC curve to rise

  1. Internal economies
  2. Economies and diseconomies
  3. External diseconomies
  4. External economies
  

Question 172 :
The MC curve intersects AC curve at its ______ point from below.

  1. minimum
  2. Maximum
  3. None of these
  

Question 173 :
The monopoly firm faces a downward sloping demand curve.

  1. TRUE
  2. FALSE
  

Question 174 :
Experimentation in laboratory involves a formation of small laboratory and creating an artificial market situation.

  1. TRUE
  2. FALSE
  

Question 175 :
The demand curve for a perfectly competitive firm is _____.

  1. Upward slopping
  2. downward sloping
  3. perfectly elastic
  4. Horizontal
  

Question 176 :
The _____ is determined by the interaction of market demand and supply.

  1. market price
  2. equilibrium point
  3. none of these
  

Question 177 :
The profit zone in a break-even chart shows TR = TC.

  1. TRUE
  2. FALSE
  

Question 178 :
The laws of variable proportions assumes all factors should remain constant.

  1. TRUE
  2. FALSE
  

Question 179 :
The LAC curve is less U-shaped.

  1. TRUE
  2. FALSE
  

Question 180 :
AFC never becomes zero.

  1. TRUE
  2. FALSE
  
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