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

Question: 6

____ expresses the pains and sacrifices involved in producing a commodity.

(A) Money cost

(B) Opportunity cost

(C) Economic cost

(D) Real cost

Question: 7

The cost incurred on fixed factors are called ____ cost.

(A) Private

(B) Social

(C) Fixed

(D) Variable

Question: 8

When marginal cost is greater than the average cost, average cost is

(A) Constant

(B) Average

(C) Diminishing at a decreasing rate

(D) Rising

Question: 9

Real cost is

(A) Pain and sacrifice

(B) Efforts and foregoing leisure

(C) Subjective concept

(D) All the above

Question: 10

Short run total cost is denoted by

(A) STC

(B) SAC

(C) TVC

(D) TFC