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GK Set-1
Economics
Micro Economics
Micro Economics MCQ (GK Set-1) with Answers
201)
choose the correct answer:1.Total revenue equals the quantity of output the firm produces times the price at which it sells its output.
1-T,2-F,3-T
1-F,2-T,3-F
1-T,2-T,3-F
1-F,2-T,3-F
Answer
Answer is:
1-T,2-F,3-T
202)
choose the correct answer:1.If there are implicit costs of production, accounting profits will exceed economic profits. 2. When a production function gets flatter, the marginal product is increasing.
1-T,2-F,3-T
1-F,2-T,3-F
1-T,2-T,3-F
1-F,2-T,3-F
Answer
Answer is:
1-T,2-F,3-T
203)
choose the correct answer:1.If the production function for a firm exhibits diminishing marginal product, the corresponding total cost curve for the firm will become flatter as the quantity of output expands.
1-F,2-T,3-F
1-T,2-F,3-T
1-T,2-T,3-F
1-F,2-T,3-F
Answer
Answer is:
1-F,2-T,3-F
204)
choose the correct answer:1.When marginal costs are below average total costs, average total costs must be falling. 2.If a firm has fixed costs of production and if marginal cost increases, as the quantity produced increases, the correspo
1-F,2-T,3-F
1-T,2-F,3-T
1-T,2-T,3-F
1-F,2-T,3-F
Answer
Answer is:
1-T,2-T,3-F
205)
choose the correct answer:1.The average total cost curve in the long run is flatter than the average total cost curve in the short run. 2
1-T,2-F,3-F
1-T,2-F,3-T
1-T,2-T,3-F
1-F,2-T,3-F
Answer
Answer is:
1-T,2-F,3-F
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