Economics - Practice Test | ExamPrepSheets

(A) Pure profit is the return in excess of the opportunity cost

(B) Accounting profit is the excess of total revenue over and above the explicit and implicit costs

(C) Profit maximisation is the sole objective of the modern firms

(D) Profit is maximum when the difference between marginal revenue and marginal cost is maximum

(A) Pure profit is the return in excess of the opportunity cost

(A) Balance development of agriculture and industrial sector

(B) Combined development of rural and urban area

(C) Equal division of wealth between rural and urban poors

(D) Co-existence of private and public sector

(D) Co-existence of private and public sector

(A) on the falling portion of AC curve

(B) on the rising portion of AC curve

(C) at any point on the AC curve

(D) at the minimum point of the AC curve

(D) at the minimum point of the AC curve

(A) $$MR{S_{xy}} = frac{{ - Delta y}}{{Delta x}}$$

(B) $$MR{S_{xy}} = frac{{Delta x}}{{Delta y}}$$

(C) $$MR{S_{xy}} = frac{{Delta y}}{{Delta x}}$$

(D) $$MR{S_{xy}} = frac{{ - Delta x}}{{Delta y}}$$

(A) $$MR{S_{xy}} = frac{{ - Delta y}}{{Delta x}}$$

(A) Both 1 and 2

(B) Both 1 and 3

(C) Only 2

(D) Both 2 and 3

(B) Both 1 and 3

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