B.COM ECO-1 MCQ's




Question 361 :
Incremental cost is called as avoidable cost.

  1. TRUE
  2. FALSE
  

Question 362 :
Learning curve indicate increase in cost of production to the decrease in output.

  1. TRUE
  2. FALSE
  

Question 363 :
The increase in cost due to increase in efficiency is called learning curve effect.

  1. TRUE
  2. FALSE
  

Question 364 :
In a short run period, all costs are variable.

  1. TRUE
  2. FALSE
  

Question 365 :
Money cost is the payment made for the factors in terms of money.

  1. TRUE
  2. FALSE
  

Question 366 :
LAC curve is called a planning curve.

  1. TRUE
  2. FALSE
  

Question 367 :
Fixed cost include cost of raw materials.

  1. TRUE
  2. FALSE
  

Question 368 :
TVC is inverse – S shaped curve

  1. TRUE
  2. FALSE
  

Question 369 :
AVC curve is a ‘U’ shape curve.

  1. TRUE
  2. FALSE
  

Question 370 :
Explicit costs are called as the accounting costs.

  1. TRUE
  2. FALSE
  

Question 371 :
The LAC curve is less U-shaped.

  1. TRUE
  2. FALSE
  

Question 372 :
AFC never becomes zero.

  1. TRUE
  2. FALSE
  

Question 373 :
Implicit cost are also called as indirect cost.

  1. TRUE
  2. FALSE
  

Question 374 :
Fixed cost are overhead cost.

  1. TRUE
  2. FALSE
  

Question 375 :
Marginal cost is a U-shape curve

  1. TRUE
  2. FALSE
  

Question 376 :
Sunk cost is called as avoidable cost.

  1. TRUE
  2. FALSE
  

Question 377 :
Long-run is a period in which all the inputs become fixed.

  1. TRUE
  2. FALSE
  

Question 378 :
Total cost is summation of AVC and AFC.

  1. TRUE
  2. FALSE
  

Question 379 :
TFC is parallel to X-axis.

  1. TRUE
  2. FALSE
  

Question 380 :
LAC curve is regarded as the long-run planning device

  1. TRUE
  2. FALSE
  

Question 381 :
Variable cost remain fixed at any level of output in the short run.

  1. TRUE
  2. FALSE
  

Question 382 :
When MC and AC are falling, MC curve lies above the AC curve.

  1. TRUE
  2. FALSE
  

Question 383 :
When MC is more than AC, if exerts a downward pull on the AC curve.

  1. TRUE
  2. FALSE
  

Question 384 :
The LAC curve is referred as the envelope curve.

  1. TRUE
  2. FALSE
  

Question 385 :
Commodities which requires a large portion of consumer’s income tend to have ______ demand.

  1. perfectly elastic
  2. Zero
  3. inelastic
  4. elastic
  

Question 386 :
A steeper demand curve represent relatively ______ demand.

  1. elastic
  2. perfectly elastic
  3. inelastic
  4. unitary
  

Question 387 :
When marginal product is zero total product is _____.

  1. constant
  2. minimum
  3. None of these
  4. maximum
  

Question 388 :
_____ is the desire for a commodity which is backed by ability and willingness to pay its price.

  1. Demand
  2. Supply
  3. Demand function
  4. Supply function
  

Question 389 :
Jointly demanded goods tend to have ______ demand.

  1. inelastic
  2. perfectly elastic
  3. Relatively inelastic
  4. inelastic
  

Question 390 :
Different ______ are indicated by differently sloping income demand curve.

  1. price elasiticity
  2. Income elasticities
  3. Elasticity of substitution
  4. None of these
  
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