Economics MCQs – Mock Test 16

What are Costs? MCQ with Answers PDF Download – Test 16

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Free Economics MCQs App (Android & iOS) with MCQ: "When resources are valued, the costs show how much these resources would earn if used in their best alternative uses is known as"; with answers: opportunity cost principle, lump sum principle, accounting profit, and economic profit. Learn cost of production questions and answers to improve problem solving skills to access economics classrooms.

What are Costs? MCQ – Mock Test 16 PDF Download

MCQ 76: When resources are valued, the costs show how much these resources would earn if used in their best alternative uses is known as:

lump sum principle
opportunity cost principle
economic profit
accounting profit

MCQ 77: The ratio of the marginal opportunity costs of two commodities can be known by:

slop of PPF
slope of isoquant
slope of budget line
slope of an indifference curve

MCQ 78: A tax burden will always be heavily imposed where market is:

elastic
slightly elastic
inelastic
slightly inelastic

MCQ 79: The amount of a good that a consumer is willing to give up for another good, as long as the new good is equally satisfying is known as:

marginal rate of transformation
marginal rate of technical substitution
marginal rate of substitution
marginal opportunity costs

MCQ 80: The difference between the values of imports and exports refers to:

Balance of trade
quota
Balance of payments
taxes

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