Description : Economic cost is the sum of________ a). Variable and fixed costs b). Variable, fixed and opportunity costs c). Fixed and opportunity costs d). Variable, fixed and marginal costs
Last Answer : b). Variable, fixed and opportunity costs
Description : A cost independent of the quantity of goods and services produced a). Variable cost b). Fixed cost c). Opportunity cost d). Marginal cos
Last Answer : b). Fixed cost
Description : The additional cost from taking a cost of action is called a). Total cost b). Opportunity cost c). Variable cost d). Marginal cost
Last Answer : d). Marginal 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)
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.
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
Description : Marginal cost is defined as____ a). Cost that arises when the quantity produced changes by one unit b). Cost of producing one more unit of a good c). Increase in cost that accompanies a unit in crease in output d). All the above
Last Answer : d). All the above
Description : Marginal cost refers to a). Additional cost from taking a course of action b). Increase in cost accompanies a unit increase in output c). Cost of producing one more unit of a good d). All
Last Answer : d). All
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
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 : (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 ... to produce alternative goods and services. If one commodity is produced another commodity is sacrificed.
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
Description : performance of naphthalic anhydride against EPTC was marginal in which type of soils a).clay b). clay loam c). loamy d). sandy silt
Last Answer : d). sandy silt
Description : Net returns a). Gross return – Fixed cost – Variable cost b). Gross return – Variable cost c). Gross return – Fixed cost d). Gross return – Total cost i) a & b, ii) a & c, iii) a & d, iv) b & d
Last Answer : iii) a & d
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
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
Description : Demand curve can be derived from the law of diminishlng marginal utility on which of the following assumptions? (i) Utility can be measured in quantitative terms (ii) Utility of money is constant Of these statements: A.Only ... ) and (ii) are true C.Only (ii) is true D.Neither (i) nor (ii) is true
Last Answer : B.Both (i) and (ii) are true
Description : A period in the ontogeny of crop at which maximum crop weed competition occurs is called a). Economic threshold b). Gain threshold c). Competitive threshold d). None
Last Answer : d). None
Description : . A shortest time span in the life cycle of a crop when weeding results in highest eco nomic returns a). Economic threshold b). Critical period c). Competitive threshold d). None of these
Last Answer : b). Critical period
Description : Simazine or atrazine is added to glyphosate solution then glyphosate activity a). constant b). enhanced c). reduced d). None of the above
Last Answer : c). reduced
Description : The producer usually is most concerned about the a). Competitive threshold b). Economic threshold c). Both a and b d). None of the above
Last Answer : b). Economic threshold
Description : The main purpose of the Project Management Plan is to: a. provide justification for undertaking the project in terms of evaluating the benefit, cost and risk of alternative options. b. ensure ... the project. d. document the outcome of the risk, change and configuration management processes.
Last Answer : c. document the outcomes of the planning process and provide the reference document for managing the project.
Description : Opportunity cost is a/an (a) spill-over cost (b) money cost © alternative cost (d) social cost
Last Answer : © alternative cost
Description : An expenditure that has been made and cannot be recovered is called - (1) Variable cost (2) Opportunity cost (3) Sunk cost (4) Operational cost
Last Answer : (3) Sunk cost Explanation: In economics and business decision-making, sunk costs are retrospective (past) costs that have already been incurred and cannot be recovered. Sunk costs are sometimes contrasted ... is taken. The sunk cost is distinct from economic loss. Sunk costs may cause cost overrun.
Description : An expenditure that has been made and cannot be recovered is called (1) Variable cost (2) Opportunity cost (3) Sunk cost (4) Operational cost
Last Answer : Sunk cost
Description : Which of the following costs is related to marginal cost? (1) Variable Cost (2) Implicit Cost (3) Prime Cost (4) Fixed Cost
Last Answer : (1) Variable Cost Explanation: In economics, marginal cost is the change in the total cost that arises when the quantity produced is Incremented by one unit. That is, it is the cost of producing one more ... in the short run. It is only the variable costs that vary with output in the short run.
Description : Equilibrium output is deter-mined by: (1) the equality between total Variable cost and Marginal revenue. (2) the equality between Marginal cost and Marginal revenue. (3) the equality between Average cost and Average revenue. (4) the equality between total cost and total revenue.
Last Answer : (2) the equality between Marginal cost and Marginal revenue. Explanation: Equilibrium Output refers to the level of output where the Aggregate Demand is equal to the Aggregate Supply (AD = AS) in an ... because it adds to its profits. He stops producing more only when MC becomes equal to MR.
Description : Which of the following cost curve is never `U' shaped ? (1) Marginal cost curve (2) Average variable cost curve (3) Average fixed cost curve (4) Average cost curve
Last Answer : (3) Average fixed cost curve Explanation: Average fixed cost curve is never 'U' shaped. Since total fixed costs are unchanged as output rises, the average fixed cost curve falls continuously as output is increased.
Description : Under perfect competition, the industry does not have any excess capacity because each firm produces at the minimum point on its - (1) long-run marginal cost curve (2) long-run average cost curve (3) long-run average variable cost curve (4) long-run average revenue curve
Last Answer : (2) long-run average cost curve Explanation: Under perfect competition, the firms operate at the minimum point of long-run average cost curve. In this way, the actual longrun output of ... ideal output. This gives the mea-sure of excess capacity which lies unutilized under imperfect competition.
Description : Why is the law of diminishing marginal returns true? a. specialization and division of labor b. spreading the average fixed cost c. limited capital d. all factors being variable in the long-run
Last Answer : c. limited capital
Description : Direct material cost + direct labor cost + other variable costs is equal to… A. Contribution B. Total cost C. Marginal cost D. Sales
Last Answer : A sales forecast is only......
Description : Which of the following statements are true? (a) Marginal costing is not an independent system of costing. (b) In marginal costing all elements of cost are divided into fixed and variable components. (c) In marginal costing fixed ... cost analysis. A. A and B B. B and C C. A and D D. B and D
Last Answer : A. A and B
Description : Marginal cost is computed as A. Prime cost + All Variable overheads B. Direct material + Direct labour + Direct Expenses + All variable overheads C. Total costs – All fixed overheads D. All of the above
Last Answer : A. Prime cost + All Variable overheads
Description : Total profit of a firm in a perfect competitive market is – (a) Total revenue less total cost ; (b) Marginal revenue less marginal cost; (c) Total revenue less marginal cost ; (d) Total revenue less variable cost
Last Answer : (a) Total revenue less total cost ;
Description : Marginal cost can be equal to Average variable cost when (a) Average variable cost is falling ; (b) Average variable cost is increasing; (c) Average variable cost is constant ; (d) Under any of the above situations
Last Answer : (c) Average variable cost is constant ;
Description : Total variable cost curve is explained by (a) Law of the diminishing marginal returns ; (b) The price of the variable inputs; (c) Production function ; (d) All the three
Last Answer : ; (d) All the three
Description : Variable cost is also known as (a) Incremental cost ; (b) Marginal cost ; (c) Differential cost ; (d) All the three
Last Answer : (d) All the three
Description : Total cost is the arithmetic sum of (a) AFC and AVC ; (b) FC and Variable cost ; (c) Marginal cost and variable cost; (d) Sunk cost and fixed cost
Last Answer : (b) FC and Variable cost ;
Description : Marginal product is…………. (a) Rate at which total production changes with change in variable input; (b) Rate at which total production changes with change in total cost; (c) Rate at which total production changes with change in fixed cost ; (d) None
Last Answer : (a) Rate at which total production changes with change in variable input;
Description : Equilibrium output is determined by: (1) the equality between total Variable cost and Marginal revenue. (2) the equality betweem Marginal cost and Marginal revenue. (3) the equality between Average cost and Average revenue. (4) the equality between total cost and total revenue.
Last Answer : the equality betweem Marginal cost and Marginal revenue.
Last Answer : Variable Cost
Description : Which of the following cost curve is never ‘U’ shaped ? (1) Marginal cost curve (2) Average variable cost curve (3) Average fixed cost curve (4) Average cost curve
Last Answer : Average fixed cost curve
Description : Under perfect competition, the industry does not have any excess capacity because each firm produces at the minimum point on its (1) long-run marginal cost curve (2) long-run average cost curve (3) long-run average variable cost curve (4) long-run average revenue curve
Last Answer : long-run average cost curve
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.
Description : While solving an assignment problem, an activity is assigned to a resource through a square with zero opportunity cost because the objective is to a. Minimize total cost of assignment b. Reduce the cost of ... to zero c. Reduce the cost of that particular assignment to zero d. All of the above
Last Answer : c. Reduce the cost of that particular assignment to zero
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
Description : If the gross returns from an enterprise are INR 30000 and the net returns INR 20000, the benefit cost ratio based on net gain would be a). 3.0 b). 2.0 c). 1.0 d). 1.5
Last Answer : b). 2.0
Description : If cost of the herbicide is INR 1000 and application cost is INR 500 and net return over weedy is INR 15000, MBCR will be a). 35 b). 25 c). 15 d). 10
Last Answer : d). 10
Description : 35. Which of the following is not a characteristic of the L P model a. Alternative courses of actions b. An objective function of maximization type c. Limited amount of resources d. Non-negativity condition on the value of decision variable
Last Answer : b. An objective function of maximization type
Description : According to traditional approach the factor responsible for operation of downward slope of demand curve are (a) Change in number of consumers ; (b) Law of decreasing marginal utility (c) Alternative uses of goods ; (d) All the three
Description : The law of diminishing (marginal) returns states that as more of a variable factor is added to a certain amount of a fixed factor, beyond some point: a. Total physical product begins ... The marginal physical product rises c. The marginal physical product falls d. The average physical product falls
Last Answer : c. The marginal physical product falls