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GK
GK Set-1
Economics
Micro Economics
231

Micro Economics MCQ (GK Set-1) with Answers

231) Accounting profit is equal to total revenue minus

implicit costs

variable costs

the sum of implicit and explicit costs.

explicit costs.

Answer is:

explicit costs.

Micro Economics MCQ (GK Set-1) with Answers

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Related Micro Economics MCQ (GK Set-1) with Answers

232) Economic profit is equal to total revenue minus

variable costs

implicit costs

explicit costs.

marginal costs.

Answer is:

implicit costs

233) Nicole owns a small pottery factory. She can make 1,000 pieces of pottery per year and sell them for Rs.100 each. It costs Nicole Rs.20,000 for the raw materials to produce the 1,000 pieces of pottery. She has invested Rs.100,000 in her factory and equipme

Rs. 30,000

Rs. 35,000

Rs. 70,000

Rs. 75,000

Answer is:

Rs. 30,000

234) If a production function exhibits diminishing marginal product, the slope of the corresponding total-cost curve

is linear (a straight line).

is negative throughout its length

becomes steeper as the quantity of output increases.

becomes flatter as the quantity of output increases

Answer is:

becomes steeper as the quantity of output increases.

235) choose the correct option: 1.Monopolists are price takers 2.A monopoly is the sole seller of a product with no close substitutes

1-F,2-T,3-F

1-T,2-T,3-F

1-F,2-F,3-T

1-T,2-T,3-T

Answer is:

1-F,2-T,3-F

Micro Economics MCQ (GK Set-1) with Answers

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