Economics Practice Test – Theory of Cost and Revenue

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Economics Practice Test – Theory of Cost and Revenue

Hello and Welcome to Economics Practice Test - Theory of Cost and Revenue

  1. You are to attempt 5 random objectives questions ONLY.
  2. Supply Your Full Name and Location in the text box below and begin immediately.
  3. You can attempt as many times as possible.
1. 



At output level 5, the total variable cost is ____

A. $ 5.00    B. $ 20.00     C. $ 55.00    D. $ 35.00.

2. 


Which of the following falls continuously as output expands? (JAMB 1999)

A. Average fixed cost
B. Marginal cost
C. Average variable cost
D. Average cost

3. 



From the graph above, R represents ________ (JAMB 2013)

A. marginal cost
B. total cost
C. variable cost
D. fixed cost

4. 


The short-run in production is the time period when _____ (WASSCE 2019)

A. techniques of production can easily be changed
B. all factors of production are variable
C. at least a factor is fixed while others are variable
D. variable factors cannot be changed

5. 


A firm shut-down point is reached when the average revenue fails to cover the _______ (JAMB 2001)

A. average variable cost
B. marginal cost
C. average total cost
D. average fixed cost

 

 

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