Opportunity cost of production of a commodity is - (1) the cost that the firm could have Incurred when a different technique was adopted (2) the cost that the firm could have incurred under a different method of production (3) the actual cost incurred (4) the next best alternative output

Opportunity cost of production of a commodity is - (1) the cost that the firm could have Incurred when a different technique was adopted (2) the cost that the firm could have incurred under a different method of production (3) the actual cost incurred (4) the next best alternative output
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(4) the next best alternative output Explanation: The concept of opportunity cost is based on scar-city and choice. The opportunity cost of a commodity is the next best alternative commodity sacrificed. In other words opportunity cost of a commodity is forgoing the opportunity to produce alternative goods and services. If one commodity is produced another commodity is sacrificed.
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Opportunity cost of production of a commodity is (1) the cost that the firm could have incurred when a different technique was adopted (2) the cost that the firm could have incurred under a different method of production (3) the actual cost incurred (4) the next best alternative output

Description : Opportunity cost of production of a commodity is (1) the cost that the firm could have incurred when a different technique was adopted (2) the cost that the firm could have incurred under a different method of production (3) the actual cost incurred (4) the next best alternative output

Last Answer : the next best alternative output

The addition to total cost by producing an additional unit of output by a firm is called (1) Variable cost (2) Average cost (3) Marginal cost (4) Opportunity cost

Description : The addition to total cost by producing an additional unit of output by a firm is called (1) Variable cost (2) Average cost (3) Marginal cost (4) Opportunity cost

Last Answer : Marginal cost

The fixed cost on such factors of production which are neither hired nor bought by the firm is called - (1) social cost (2) opportunity cost (3) economic cost (4) surcharged cost

Description : The fixed cost on such factors of production which are neither hired nor bought by the firm is called - (1) social cost (2) opportunity cost (3) economic cost (4) surcharged cost

Last Answer : (1) social cost Explanation: Social cost is defined as a sum of the private cost and external costs. The social cost is generally not borne by an individual. It may be borne by entire society, city or ... seller sells any product or item to buyer. This cost is added up from the use of that product.

The fixed cost on such factors of production which are neither hired nor bought by the firm is called (1) social cost (2) opportunity cost (3) economic cost (4) surcharged cost

Description : The fixed cost on such factors of production which are neither hired nor bought by the firm is called (1) social cost (2) opportunity cost (3) economic cost (4) surcharged cost

Last Answer : social cost

Capital output ratio of a commodity measures - (1) its per unit cost of production (2) the amount of capital invested per unit of output (3) the ratio of capital depreciation to quantity of output (4) the ratio of working capital employed to quantity of output

Description : Capital output ratio of a commodity measures - (1) its per unit cost of production (2) the amount of capital invested per unit of output (3) the ratio of capital depreciation to quantity of output (4) the ratio of working capital employed to quantity of output

Last Answer : (2) the amount of capital invested per unit of output Explanation: Capital Output Ratio is the ratio of capital used to produce an output over a period of time. This ratio has a tendency ... order to increase the output. When countries use their natural resources instead of capital then COR reduces.

Capital output ratio of a commodity measures (1) its per unit cost of production (2) the amount of capital invested per unit of output (3) the ratio of capital depreciation to quantity of output (4) the ratio of working capital employed to quantity of output

Description : Capital output ratio of a commodity measures (1) its per unit cost of production (2) the amount of capital invested per unit of output (3) the ratio of capital depreciation to quantity of output (4) the ratio of working capital employed to quantity of output

Last Answer : the amount of capital invested per unit of output

Under High and Low Point method, the output at two different levels is compared with the amount of __________ incurred at these two points. A. Total fixed costs B. Total costs C. Total fixed costs D. None of the above

Description : Under High and Low Point method, the output at two different levels is compared with the amount of __________ incurred at these two points. A. Total fixed costs B. Total costs C. Total fixed costs D. None of the above

Last Answer : B. Total costs

Selling cost means: (1) Cost of selling a product (2) Cost incurred in transportation (3) Cost Incurred in advertisement (4) Cost Incurred on fact ors of production

Description : Selling cost means: (1) Cost of selling a product (2) Cost incurred in transportation (3) Cost Incurred in advertisement (4) Cost Incurred on fact ors of production

Last Answer : (3) Cost Incurred in advertisement Explanation: Selling cost is total cost of marketing, advertising, and selling a product. It differs from the production cost which is incurred to produce goods. Selling cost influences the commercial desire to purchase a commodity.

Selling cost means: (1) Cost of selling a product (2) Cost incurred in transportation (3) Cost Incurred in advertisement (4) Cost Incurred on factors of production

Description : Selling cost means: (1) Cost of selling a product (2) Cost incurred in transportation (3) Cost Incurred in advertisement (4) Cost Incurred on factors of production 

Last Answer : Cost Incurred in advertisement

Transfer earning or alternative cost is otherwise known as - (1) Variable cost (2) Implicit cost (3) Explicit cost. (4) Opportunity cost

Description : Transfer earning or alternative cost is otherwise known as - (1) Variable cost (2) Implicit cost (3) Explicit cost. (4) Opportunity cost

Last Answer : (4) Opportunity cost

Opportunity cost is a/an (a) spill-over cost (b) money cost © alternative cost (d) social cost

Description : Opportunity cost is a/an (a) spill-over cost (b) money cost © alternative cost (d) social cost

Last Answer : © alternative cost

Transfer earning or alternative cost is otherwise known as (1) Variable cost (2) Implicit cost (3) Explicit cost (4) Opportunity cost (economic cost)

Description : Transfer earning or alternative cost is otherwise known as (1) Variable cost (2) Implicit cost (3) Explicit cost (4) Opportunity cost (economic cost) 

Last Answer : Opportunity cost (economic cost)

All actual expenses in cash and kind incurred in production by owner operator

Description : All actual expenses in cash and kind incurred in production by owner operator

Last Answer : Ans. Cost-A

The addition to total cost by producing an additional unit of out-put by a firm is called - (1) Variable cost (2) Average cost (3) Marginal cost (4) Opportunity cost

Description : The addition to total cost by producing an additional unit of out-put by a firm is called - (1) Variable cost (2) Average cost (3) Marginal cost (4) Opportunity cost

Last Answer : (3) Marginal cost Explanation: The addition to total cost by producing an additional unit of output by a firm is called Marginal cost. Average cost is the total cost of producing a given output divided by that output.

The cost of any activity measured in terms of the value of the next best alternative forgone a). Economic cost b). Variable cost c). Opportunity cost d). Marginal cost

Description : The cost of any activity measured in terms of the value of the next best alternative forgone a). Economic cost b). Variable cost c). Opportunity cost d). Marginal cost

Last Answer : c). Opportunity cost

While Computing the actual cost of any asset falling within a block, direct cost attributable to bring the asset to its present location and working condition for its intended use(i.e. expenses incurred for acquiring the asset e.g. freight, insurance, etc.) a) Be added to the purchase price b) Be subtracted from the purchase price c) Be subtracted from WDV d) Be claimed as revenue expenditure

Description : While Computing the actual cost of any asset falling within a block, direct cost attributable to bring the asset to its present location and working condition for its intended use(i.e. expenses incurred ... from the purchase price c) Be subtracted from WDV d) Be claimed as revenue expenditure

Last Answer : b) Be subtracted from the purchase price

Can you get a tax write-off for moving expenses incurred for moving to a new state because of a new job opportunity that you took?

Description : Can you get a tax write-off for moving expenses incurred for moving to a new state because of a new job opportunity that you took?

Last Answer : It’s a work expense so I wouldn’t see why not. Document everything and save all your receipts.

The opportunity cost of a factor of production is - (1) what it is earning in its present use. (2) what it can earn in the long period. (3) what has to be paid to retain it in its present use. (4) what it can earn in some other use.

Description : The opportunity cost of a factor of production is - (1) what it is earning in its present use. (2) what it can earn in the long period. (3) what has to be paid to retain it in its present use. (4) what it can earn in some other use.

Last Answer : (4) what it can earn in some other use. Explanation: The opportunity cost of a choice is the value of the best alternative forgone, in a situation in which a choice needs to be made between ... given limited resources. It is equivalent to what a factor could earn for the firm in alter-native uses.

If the production possibility curve is linear, then production is said to be subject of (a) constant opportunity cost (b) decreasing opportunity cost © Increasing opportunity cost (d) first increasing then decreasing opportunity cost.

Description : If the production possibility curve is linear, then production is said to be subject of (a) constant opportunity cost (b) decreasing opportunity cost © Increasing opportunity cost (d) first increasing then decreasing opportunity cost.

Last Answer : (a) constant opportunity cost

Comparative advantage occurs when (a) A country can produce more goods than anyone else (b) A country has a lower opportunity cost in the production of a good than any other country © A country has more product lines than other countries (d) The exchange rate appreciates.

Description : Comparative advantage occurs when (a) A country can produce more goods than anyone else (b) A country has a lower opportunity cost in the production of a good than any other country © A country has more product lines than other countries (d) The exchange rate appreciates.

Last Answer : (b) A country has a lower opportunity cost in the production of a good than any other country

The opportunity cost of a factor of production is (1) what it is earning in its present use. (2) what it can earn in the long period. (3) what has to be paid to retain it in its present use. (4) what it can earn in some other use.

Description : The opportunity cost of a factor of production is (1) what it is earning in its present use. (2) what it can earn in the long period. (3) what has to be paid to retain it in its present use. (4) what it can earn in some other use.

Last Answer : what it can earn in some other use.

Selling cost have to be incurred in case of - (1) Perfect Competition (2) Monopoly (3) Monopolistic Competition (4) None of the given options

Description : Selling cost have to be incurred in case of - (1) Perfect Competition (2) Monopoly (3) Monopolistic Competition (4) None of the given options

Last Answer : (3) Monopolistic Competition Explanation: Selling costs are the expenses on advertisement, salesmanship, free sampling, free service, door-todoor canvassing, and so on. There is no selling problem under ... . They are incurred to persuade a buyer to purchase one product in preference to another.

What is selling cost? (1) Cost incurred on transportation of commodities to market (2) Cost incurred on promoting the sale of the product (3) Cost incurred on commission and salaries personnel (4) Cost incurred on advertisement

Description : What is selling cost? (1) Cost incurred on transportation of commodities to market (2) Cost incurred on promoting the sale of the product (3) Cost incurred on commission and salaries personnel (4) Cost incurred on advertisement

Last Answer : (2) Cost incurred on promoting the sale of the product Explanation: Selling cost is total cost of marketing, advertising, and selling a product. It differs from the production cost which is incurred to produce goods.

Selling cost have to be incurred in case of (1) Perfect Competition (2) Monopoly (3) Monopolistic Competition (4) None of the given options

Description : Selling cost have to be incurred in case of (1) Perfect Competition (2) Monopoly (3) Monopolistic Competition (4) None of the given options

Last Answer : Monopolistic Competition 

What is selling cost ? (1) Cost incurred on transportation of commodities to market (2) Cost incurred on promoting the sale of the product (3) Cost incurred on commission and salaries personnel (4) Cost incurred on advertisement

Description : What is selling cost ? (1) Cost incurred on transportation of commodities to market (2) Cost incurred on promoting the sale of the product (3) Cost incurred on commission and salaries personnel (4) Cost incurred on advertisement

Last Answer : Cost incurred on promoting the sale of the product

Following information is available of PQR for year ended March, 2013: 4,000 units in process, 3,800 units output, 10% of input is normal wastage, Rs. 2.50 per unit is scrap value and Rs. 46,000 incurred towards total process cost then amount on account of abnormal gain to be transferred to Costing P&L will be:- (a) Rs. 2,500 (b) Rs. 2,000 (c) Rs. 4,000 (d) Rs. 3,500

Description : Following information is available of PQR for year ended March, 2013: 4,000 units in process, 3,800 units output, 10% of input is normal wastage, Rs. 2.50 per unit is scrap value and Rs. 46,000 incurred towards total process cost ... be:- (a) Rs. 2,500 (b) Rs. 2,000 (c) Rs. 4,000 (d) Rs. 3,500

Last Answer : (a) Rs. 2,500

Abnormal cost is the cost: (a) Cost normally incurred at a given level of output (b) Cost not normally incurred at a given level of output (c) Cost which is charged to customer (d) Cost which is included in the cost of the product

Description : Abnormal cost is the cost: (a) Cost normally incurred at a given level of output (b) Cost not normally incurred at a given level of output (c) Cost which is charged to customer (d) Cost which is included in the cost of the productm

Last Answer : (b) Raw material, Finished goods

)The demand of a commodity is a direct demand but the demand of a factor of production is called a - (1) Crossed demand (2) Joint demand (3) Derived demand (4) Independent demand

Description : )The demand of a commodity is a direct demand but the demand of a factor of production is called a - (1) Crossed demand (2) Joint demand (3) Derived demand (4) Independent demand

Last Answer : (3) Derived demand Explanation: In the words of McConnell, the demand for factors of production is a derived demand that is derived from the finished goods and services which resources help to produce. ... demand, demand for factors is derived demand. It is based on the productivity of the factors.

Excise duty on a commodity is payable with reference to its - (1) production (2) production and sale (3) production and transportation (4) production, transportation and sale

Description : Excise duty on a commodity is payable with reference to its - (1) production (2) production and sale (3) production and transportation (4) production, transportation and sale

Last Answer : (1) production Explanation: An excise or excise tax (sometimes called a duty of excise special tax) is an inland tax on the sale, or production for sale, of specific goods or a tax ... customs duties, which are taxes on importation. Excises are inland taxes, whereas customs duties arc border taxes.

Excise duty on a commodity is payable with reference to its - (1) production (2) production and sale (3) production and transportations (4) production, transportation and sale

Description : Excise duty on a commodity is payable with reference to its - (1) production (2) production and sale (3) production and transportations (4) production, transportation and sale

Last Answer : (1) production Explanation: Excise duty is a type of tax charged on goods produced within the country. In India, an excise tax is levied on the manufacturer of goods when those goods leave the place ... called the Central Excise duty, this tax is now known as the Central Value Added Tax (CENVAT).

Production of a commodity mostly through the natural process is an activity of - (1) Primary Sector (2) Secondary Sector (3) Tertiary Sector (4) Technology Sector

Description : Production of a commodity mostly through the natural process is an activity of - (1) Primary Sector (2) Secondary Sector (3) Tertiary Sector (4) Technology Sector

Last Answer : (1) Primary Sector Explanation: The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture, forestry, fishing, mining, and extraction of oil and gas.

According to the theory of Absolute Advantage a country should specialize in the production of that commodity in which she enjoys----- (a) absolute advantage (b) comparative advantage (c) no advantage (d) utilization.

Description : According to the theory of Absolute Advantage a country should specialize in the production of that commodity in which she enjoys----- (a) absolute advantage (b) comparative advantage (c) no advantage (d) utilization.

Last Answer : (a) absolute advantage

Excise duty on a commodity is payable with reference to its (1) production (2) production and sale (3) production and transportations (4) production, transportation and sale

Description : Excise duty on a commodity is payable with reference to its (1) production (2) production and sale (3) production and transportations (4) production, transportation and sale 

Last Answer : production

The demand of a commodity is a direct demand but the demand of a factor of production is called a (1) Crossed demand (2) Joint demand (3) Derived demand (4) Independent demand

Description : The demand of a commodity is a direct demand but the demand of a factor of production is called a (1) Crossed demand (2) Joint demand (3) Derived demand (4) Independent demand

Last Answer : Derived demand

Production of a commodity mostly through the natural process is an activity of (1) Primary Sector (2) Secondary Sector (3) Tertiary Sector (4) Technology Sector

Description : Production of a commodity mostly through the natural process is an activity of (1) Primary Sector (2) Secondary Sector (3) Tertiary Sector (4) Technology Sector

Last Answer : Primary Sector

What is the next-best alternative to actual sun in producing vitamin D?

Description : What is the next-best alternative to actual sun in producing vitamin D?

Last Answer : Get checked by your doctor and see if you require vit D pills and associated health vitamins. You will be suffering specific symptoms if you are deficient physically. The test is important, why worry about something that ... . See the doctor. Maybe a D.O. if your M.D. is not holistic (whole body).

)Quality costs include : 1. the total of all costs incurred to assure the production and delivery of acceptable products and services. 2. Only costs classified as prevention, detection and corrective action. 3. Only the cost of scrap, rework due to defects, customer returns and warranty costs. 4. The expense of upper management

Description : )Quality costs include : 1. the total of all costs incurred to assure the production and delivery of acceptable products and services.  2. Only costs classified as prevention, detection and ... rework due to defects, customer returns and warranty costs.  4. The expense of upper management

Last Answer : 1. the total of all costs incurred to assure the production and delivery of acceptable products and services.

Which is appropriate description of Average Costs? a) The value of opportunities which have been lost by utilizing resources in particular service or health technology. b) The total costs (i.e. all the costs incurred in the delivery of a service) of a health care system divided by the units of production. c) Independent of the number of units of production and include heating, lighting and fixed staffing costs. d) The cost of the consumption of medicines is a good example of variable costs.

Description : Which is appropriate description of Average Costs? a) The value of opportunities which have been lost by utilizing resources in particular service or health technology. b) The total costs (i.e. all the ... costs. d) The cost of the consumption of medicines is a good example of variable costs.

Last Answer : b) The total costs (i.e. all the costs incurred in the delivery of a service) of a health care system divided by the units of production. 

A firm should cease production in the short(a) Price is less than average fixed cost (b) Price is less than average cost (c) Profits are negative (d) Price is less than average variable cost run if

Description : A firm should cease production in the short run if(a) Price is less than average fixed cost (b) Price is less than average cost (c) Profits are negative (d) Price is less than average variable cost

Last Answer : (d) Price is less than average variable cost

In the question a part of the sentence is given in BOLD. Alternatives to the BOLD part are given which may improve the construction of the sentence. Select the correct alternative. He admired the speed with which he completed the work and appreciating the method adopted by him (a) appreciate the method being adopted (b) appreciated the method adopted (c) appreciate the method of adoption (d) appreciated the method adopting method

Description : In the question a part of the sentence is given in BOLD. Alternatives to the BOLD part are given which may improve the construction of the sentence. Select the correct alternative. He admired ... the method adopted (c) appreciate the method of adoption (d) appreciated the method adopting method

Last Answer : (b) appreciated the method adopted

__________ is the value of the benefit that is given up by selecting one alternative rather than another 1. Benefit loss 2. Opportunity cost 3. Privileged cost 4. Selection cost 5. Exchange loss

Description : __________ is the value of the benefit that is given up by selecting one alternative rather than another 1. Benefit loss 2. Opportunity cost 3. Privileged cost 4. Selection cost 5. Exchange loss

Last Answer : Opportunity cost

__________ is the value of the benefit that is given up by selecting one alternative rather than another. A)Benefit loss B)Opportunity cost C)Privileged cost D)Selection cost E)Exchange loss

Description : __________ is the value of the benefit that is given up by selecting one alternative rather than another. A)Benefit loss B)Opportunity cost C)Privileged cost D)Selection cost E)Exchange loss

Last Answer : B)Opportunity cost

Which one is more appropriate for cost of retained earning? A. Weighted Average cost of capital B. Opportunity cost to the firm C. Expected rate of return by the investor D. None of the above

Description : Which one is more appropriate for cost of retained earning? A. Weighted Average cost of capital B. Opportunity cost to the firm C. Expected rate of return by the investor D. None of the above

Last Answer : B. Opportunity cost to the firm

Selling costs have to be incurred in case of A.Perfect competition B.Monopolistic competition C.Imperfect competition D.None

Description : Selling costs have to be incurred in case of A.Perfect competition B.Monopolistic competition C.Imperfect competition D.None

Last Answer : B.Monopolistic competition

The term 'Dumping' refers to - (1) The sale of a substandard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Description : The term 'Dumping' refers to - (1) The sale of a substandard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Last Answer : (2) Sale in a foreign market of a commodity at a price below marginal cost Explanation: Dumping is an international price discrimination in which an exporter firm sells a portion of its out-put in ... , incurring loss in the foreign market (International Economics by M. Maria. John Kennedy, p.122).

The price of a commodity is the same as (1) Average revenue (2) Total cost (3) Average cost (4) Total revenue

Description : The price of a commodity is the same as (1) Average revenue (2) Total cost (3) Average cost (4) Total revenue

Last Answer : (1) Average revenue Explanation: Average Revenue refers to revenue received per unit of output sold. It is the same as Price of the commodity. Average revenue can be obtained by dividing the total revenue by the number of units sold.

The term ‘Dumping’ refers to (1) The sale of a sub-standard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Description : The term ‘Dumping’ refers to (1) The sale of a sub-standard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Last Answer : Sale in a foreign market of a commodity at a price below marginal cost

The price of a commodity is the same as (1) Average revenue (2) Total cost (3) Average cost (4) Total revenue

Description : The price of a commodity is the same as (1) Average revenue (2) Total cost (3) Average cost (4) Total revenue

Last Answer : Average revenue

An indiference curve measures ______ level of satisfaction derived from different combinations of commodity X and Y. (1) same (2) higher (3) lower (4) minimum

Description : An indiference curve measures ______ level of satisfaction derived from different combinations of commodity X and Y. (1) same (2) higher (3) lower (4) minimum

Last Answer : (1) same Explanation: An indifference curve may be defined as the locus of points, each representing a different combination of two substitute goods, which yield the same utility or level of ... is indifferent between any two combinations of goods when it comes to making a choice between them.