TNPSC Group 1, 2, 2a, 4, VAO Economics GK Online Test 2019-2020 - 1

Question: 1

____ is the aggregate of prices paid for the factors of production used in the production of commodity.

(A) Real cost

(B) Total cost

(C) Cost of production

(D) Opportunity cost

Ans: C

Cost of production

Question: 2

Economic cost includes explicit cost and

(A) Money cost

(B) Fixed cost

(C) Social cost

(D) Implicit cost

Ans: D

Implicit cost

Question: 3

The change in total cost is called

(A) Average cost

(B) Average fixed cost

(C) Marginal cost

(D) Total variable cost

Ans: C

Marginal cost

Question: 4

____ cost is the total of explicit and implicit cost.

(A) Opportunity

(B) Money

(C) Accounting

(D) Economic

Ans: D


Question: 5

Marginal revenue is the least addition made to the

(A) Average revenue

(B) Total revenue

(C) Total production

(D) None

Ans: B

Total revenue

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