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COST QUIZ 1

1 / 20

Which of the following is including in cost of production and is termed as accounting cost?

2 / 20

Implicit cost may be defined as the:

3 / 20

Implicit cost can be defined as ________.

4 / 20

Which of the following is an example of an “implicit cost”?

5 / 20

Which of the following is an example of “explicit cost”?

6 / 20

Accounting cost is ________ of Economic cost.

7 / 20

Economic costs of production differ from accounting costs of production because ________.

8 / 20

Cost in terms of pain, discomfort, disability involved in supplying the various factors of production by their owners are termed as ________.

 

9 / 20

The cost of resources owned and employed by the entrepreneur himself in his business is termed as ________ cost.

10 / 20

Economic cost excludes which of the following :

11 / 20

Outlay costs involve ________ expenditure at some point of time and hence ________ recorded in the books of account.

12 / 20

Outlay Costs involve ________ expenditure of funds on wages, mate-rial, returns interest, etc.

13 / 20

Accounting Costs are also called as ________ costs whereas the cost of factors owned by the entrepreneur himself and employed in his own busi-ness is called as costs.

14 / 20

Which of the following will be included in implicit Cost?

15 / 20

Economic Costs comprises ________.

16 / 20

Opportunity Cost is:

17 / 20

In which of the following cases opportunity cost concept applies?

18 / 20

If the market price of good is more than the opportunity cost of producing it, then:

19 / 20

The cost of one thing in terms of alternative given up is known as:

20 / 20

Opportunity cost is:

Your score is

The average score is 69%

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COST QUIZ 2

1 / 20

Direct Cost is also known as :

2 / 20

Opportunity Cost is the cost of the ________ opportunity and involves a comparison between the policy that was ________ and the policy that was ________.

3 / 20

Opportunity cost is the ________ value that is foregone in choosing one activity over the alternative.

4 / 20

The concept of opportunity cost has to be considered whenever :

5 / 20

Opportunity Cost is ________

6 / 20

Theoretically, incremental costs are related to the concept of ________.

7 / 20

Identify the indirect Cost

8 / 20

Indirect Costs are not easily and definitely identifiable in relation to a plants, products, process or department. These are ________ changed to different jobs or products in stan-dard accounting

9 / 20

________ may vary according to the changes accruing to the product process or machine.

10 / 20

________ costs are the costs that are readily identified and are traceable to a particular product, operations or plant.

11 / 20

________ Cost refers to the cost incurred in the past on the acquisition of a productive asset

12 / 20

Which of the following in incurred first?

13 / 20

Which one of the following is an example of Sunk Cost?

14 / 20

________ refer to those costs which are already incurred once and for all and cannot be recovered.

15 / 20

Which of the following is part of incremental costs?

16 / 20

The Cost of resources for which the firm is not required to pay price is called as ________ cost.

17 / 20

Private Costs are costs actually incurred or provided for by firms. These may be ________.

18 / 20

Usually in the case of continuous decrease in price of an asset, which one of the following shall be the highest?

19 / 20

Other things remaining the same, an increase in price will make ________ cost higher than ________ cost.

20 / 20

A Company is willing to change its existing Machinery (5 years old) by a new machinery at a cost of ₹ 10,00,000. The cost of ₹ 10,00,000 may be regarded as:

Your score is

The average score is 82%

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COST QUIZ 3

1 / 20

Cost Function is the mathemati-cal relation between ________ of a Product and the various determinants of ________.

2 / 20

In the long run all factors are ________.

3 / 20

Which of the following statements is correct concerning the relationships among the firm’s cost functions?

4 / 20

Which of the following is not a determinant of the firm’s cost function?

5 / 20

________ Costs normally figure in business decisions as they Form part of total cost and are inter-nalized by the firm.

6 / 20

Which of the following is a kind of Cost function?

7 / 20

Cost Functions are derived from ________ cost data of the firms.

8 / 20

The Cost function expresses the relationship between ________ and ________.

9 / 20

Cost function is a function which is obtained from ________.

10 / 20

In a cost function, the dependent variable is unit cost or total cost and the independent variable(s)are ________.

11 / 20

If fixed cost is plotted on a graph taking output on X-axis and Cost on Y axis, the Fixed cost will be represented by ________.

12 / 20

________ Costs do not change with changes in Output.

13 / 20

Suppose output increases in the short run. Total cost will

14 / 20

What is the total cost of produc-tion of 20 units, if fixed cost ₹ 5,000 and variable cost is ₹ 2/-?

15 / 20

A company produces 10 units of output and incurs ₹ 30 per unit as variable cost and ₹ 5 per unit of fixed cost. What will be its total cost of producing 10 units₹

16 / 20

A firm producing 9 units of output has an average total cost of f 200 and has to pay ₹ 630 to its fixed cost of production. How much of the average total cost is made up of variable cost?

17 / 20

The vertical difference between TVC and TC curves is equal to:

18 / 20

Fixed cost curve normally:

19 / 20

Fixed costs may also be called as:

20 / 20

Fixed costs are ________ a function of output.

Your score is

The average score is 72%

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COST QUIZ 4

1 / 20

________ are those costs which change with changes in output.

2 / 20

If a Firm shuts down for a short period, it will not incur any ________ cost.

3 / 20

Which of the following is a vari-able cost in the short run₹

4 / 20

Total cost in the short run is clas-sified into fixed costs and variable costs. Which one of the following is a variable cost?

5 / 20

Which cost increases continuously with the increase in production?

6 / 20

The total Cost Curve is obtained by adding ________ the ________ curve and the Curve.

7 / 20

Which of the following cost remains fixed over certain range of output but suddenly jump to a new higher level when output goes beyond a given limit?

8 / 20

The Semi-Variable Cost: ________

9 / 20

Electricity charges include both a fixed charge and a charge based on consumption. It should be classified as ________.

10 / 20

Semi-Variable Costs are ________ Variable, ________ fixed in relation to the changes in the size of output.

11 / 20

Total Fixed cost curve

12 / 20

Which of the following cost curves is never ‘U’ shaped?

13 / 20

Which one of the following is correct?

14 / 20

Average fixed cost can be obtained through:

15 / 20

The costs which remain fixed over certain range of output but sud-denly jump to a new higher level when production goes beyond a given limit are called:

16 / 20

Average fixed cost curve is always:

17 / 20

Which statement among below is correct in reference in Average Fixed Cost.

18 / 20

When the output of a firm increase in the short run, its average fixed cost.

19 / 20

The slope of Average Fixed cost curve is?

20 / 20

Which of the following curves never tough any axis but is downward ________.

Your score is

The average score is 65%

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11
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COST QUIZ 5

1 / 20

Average cost of producing 50 units of any commodity is ₹ 250 and fixed cost is ₹ 1,000. What will be the average fixed cost of producing 100 units of the commodity?

2 / 20

A firms AFC is ₹ 200 at 10 units of output what will be it at 20 units of output?

3 / 20

A firm’s average fixed cost is ₹ 40 at 12 units. What will be the average fixed cost at 8 units:

4 / 20

A firm’s average fixed cost is ₹ 20 at 6 units of output. What will it be at 4 units of output?

5 / 20

Which of the following curves never touch any axis but is downward.

6 / 20

If a firm’s output is zero, then:

7 / 20

A firm producing 15 units of output has average cost of ₹ 250 and ₹ 125 as per unit cost for fixed factors of production. Then average variable cost will be ________.

8 / 20

A firm produces 10 units of a commodity at an average total cost of ₹ 200 and with a fixed cost of ₹ 500. Find out the component of average variable cost in the total cost:

9 / 20

A firm producing 7 units of output has an average total cost of ₹ 150 and has to pay ₹ 350 to its fixed factors of production whether it produces or not. How much of the average total cost is made up of variable costs?

10 / 20

Average Fixed Cost = ₹ 20
Quantity Produced =10 units
What will be the Average Fixed Cost of 20th unit?

11 / 20

Marginal cost is defined as:

12 / 20

A firm producing 7 units of output has an average total cost of ₹ 150 and has to pay ₹ 350 to its fixed factors of production. How much of the average total cost is made up of variable cost?

13 / 20

U-shaped average cost curve is based on:

14 / 20

A firm has a variable cost of ₹ 1000 at 5 units of output. If fixed costs are ₹ 400, what will be the average total cost at 5 units of output?

15 / 20

Which of the following statements is true of the relationship among the average cost functions?

16 / 20

With which of the following is the concept of marginal cost closely related?

17 / 20

When shape of average cost curve is upward, marginal cost:

18 / 20

MC curve of a firm in a perfectly competitive industry depicts?

19 / 20

Marginal cost changes due to change in ________ cost.

20 / 20

The change in total cost due to one unit change in the output is called ________ cost.

Your score is

The average score is 58%

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COST QUIZ 6

1 / 20

AT 10 units Total Cost – ₹ 200
20 units Total Cost – 600
Marginal Cost = ?

2 / 20

If total cost at 10 units is ₹ 600 and ₹ 640 for 11th unit. The marginal cost of 11th unit is:

3 / 20

Which of the following statements is correct?

4 / 20

Marginal cost changes due to changes in ________.

5 / 20

With which of the following is the concept of marginal cost closely related?

6 / 20

When AC Curve is at minimum then MC Curve is ________?

7 / 20

What happens to marginal cost when average cost increases?

8 / 20

When AC curve is rising, the MC curve must be ________ to it.

9 / 20

Which of the following statements is correct?

10 / 20

The total cost incurred for 10 units is ₹ 400 and 20 units is ₹ 800. Find the marginal cost.

11 / 20

Which of the following is known as Envelope curve?

12 / 20

Planning curve is related to which of the following?

13 / 20

If LAC curve falls as output expands, this is due to :

14 / 20

Which of the following is true of the relationship between the marginal cost function and the average cost function?

15 / 20

Which of the following statement is incorrect?

16 / 20

External Economies arise due to:

17 / 20

The positively sloped (rising) part of the long run average cost curve indicates working of the ________.

18 / 20

A firm’s long-run average total cost curve is.

19 / 20

The negatively-sloped (i.e. falling) part of the long-run average total cost curve is due to which of the following?

20 / 20

Which of the following statements concerning the long-run average cost curve is false?

Your score is

The average score is 68%

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COST QUIZ 7

1 / 20

Which of the following is an example of an “implicit cost”?

2 / 20

A firm will close down in the short period if its average revenue is less than its:

3 / 20

Economic cost excludes which of the following :

4 / 20

Which of the following statements is incorrect?

5 / 20

External economics are enjoyed:

6 / 20

Which of the following equa¬tion represents profit maximization condition?

7 / 20

Implicit cost may be defined as the:

8 / 20

Supply curve remaining un-changed, an increase in demand will lead to.

9 / 20

Price of a commodity is best expressed as ________.

10 / 20

Economies of scale exist because as a firm increases its size in the long run:

11 / 20

Which of the following is an example of “explicit cost”?

12 / 20

Which of the following statements is true?

13 / 20

Issue requiring decision making in the context of business are:

14 / 20

Average Revenue Curve is also known as ________.

15 / 20

Long run price is also called by the name of ________.

16 / 20

xternal Economies of Scale are obtained by:

17 / 20

External economies can be achieved through:

18 / 20

Which of the following is including in cost of production and is termed as accounting cost?

19 / 20

Suppose, the total cost of production of commodity X is ₹ 1,25,000. Out of this cost implicit cost is ₹ 35,000 and normal profits is ₹ 25,000. What will be the explicit cost of commodity X?

20 / 20

Implicit cost can be defined as ________.

Your score is

The average score is 63%

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