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PPSC FPSC KPPSC BPSC SPSC NTS Commerce Online Test No. 74

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Note:-

There will be 25 multiple choice question in the test.
Answer of the questions will change randomly each time you start this test.
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Test Instructions:-
Test Name	Lecturer Commerce
Subject	Commerce Test 74
Test Type	MCQs
Total Questions	25
Total Time	20 Minutes
Total Marks	100

You have 20 minutes to pass to the quiz.

Lecturer Commerce Online Test No. 74

1 / 25

The basic goal of a firm is to.

Maximize revenues

Maximize employees' welfare.

Maximize profit

Maximize output.

2 / 25

In monopoly and perfect competition the cost curves are.

Similar

Opposite monopoly

Different

Falling in competition, rising in monopoly.

3 / 25

A monopoly generally

Allocates resources in a socially optimal way.

Encourages greater income equality.

Encourages greater efficiency.

Produces less quantity than the quantity which minimizes average cost

4 / 25

Economic profit is.

Part of total cost

Total revenue minus total cost

Total revenue minus variable cost.

Total variable cost minus total fixed cost.

5 / 25

A firm earns economic profit when total profit exceeds.

Normal profit

Implicit costs

Explicit costs

Variable costs

6 / 25

Union leaders are in a better position to bargain for higher wages if demand for labour is.

Elastic

Inelastic

Very large

Permanent

7 / 25

Marginal revenue of a monopolist is.

Equal to price

Greater than price

Increases with output.

8 / 25

Under perfect competition.

AC = AVC

AR = AC

AR = MR

MC = MR

9 / 25

The necessary condition for equilibrium of firm is.

AVC = AFC

MC = MR

10 / 25

Normally MR curve intersects MC curve at points.

11 / 25

In the long run under perfect competition a firm produces at a point where.

LAC is minimum

SAC is minimum

Both LAC and SAC are minimum

None is minimum

12 / 25

There are large number of sellers and buyers in the market but none is able to influence market price. Such a market is called.

Free

Regular

Open

Competitive

13 / 25

Marginal revenue is always less than price at all levels of output in.

Perfect competition

Monopoly

Both A & B

None of the above

14 / 25

The necessary condition for equilibrium position of a firm is.

MR > MC

MC = MR

MC = AC

MC > price

15 / 25

A firm should shut down in the short run if it is not covering its.

Variable cost

Fixed cost

Total cost

Explicit cost (money outlays).

16 / 25

The most efficient scale of production of a firm is where.

LAC is minimum

SAC is minimum

LMC is minimum

SMC is minimum

17 / 25

A monopoly firm is in equilibrium when.

MC intersects AC

MC intersect MR

AC intersect AR

TC intersects TR

18 / 25

Normal profit is.

Part of total cost

Part of economic profit.

Part of fixed cost

Total revenue minus total cost.

19 / 25

When a competitive firm achieves long run equilibrium then.

P = MC

MR = MC

P = ATC

All of the above

20 / 25

Normal profit is called normal because.

it is neither very high nor very low.

it is minimum acceptable to the producer.

it is minimum which buyer wants to pay.

it is the maximum allowed by govt.

21 / 25

A firm decides to exit the industry when.

AC starts rising

MC starts rising

Price is less than LAC

TC starts rising

22 / 25

Sometimes the supply curve of labour bends.

Downward

Upward

Backward

Firstly upward and then downward

23 / 25

A firm decides to shut down production temporarily when.

MC start rising

AC start rising

Price = AC

Price falls below AVC

24 / 25

If a firm shuts down temporarily, will incur loss equal to.

AFC

AR = AC

None of above

25 / 25

Profit is maximum when.

TC and TR curves are parallel

MC and MR curves are parallel.

TC and TR curves cross each other

AC and AR curves cross each other.

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