Question # 1

The most efficient scale of production of a firm is where

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LAC is minimum

SAC is minimum

LMC is minimum

SMC is minimum

A change in price brings in quantity supplied. it will be.

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Rise in supply

Contraction of supply

Fall in supply

Extension of supply

To show data in tables, we must first

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reduce data

expand data

classify data

all of the above

A decrease in demand causes the equilibrium price to

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rise

fall

remain constant

indeterminate

Which of the following is NOT an input

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labour

entrepreneurship

natural resources

production

In the second stage of the law of variable of proportions the average product:

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Rises

Remains constant

Falls

None of the three

How many types of organization

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5

6

7

8

Which of the following input factor takes risk, innovates and coordinates

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capital

labour

productivity

entrepreneur

y = 2^x is a.

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Log function

Linear equation

Exponential function

Increasing function

TVC

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starts from origin

not from origin

is parallel to x-axis

is parallel to y-axis

profit is a maximum when

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TC and TR curves are parallel

MC and MR curves are parallel

AC and AR curves are parallel

TFC and TVC are parallel

The maintain social status in life, a person requires.

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Bare necessities of life

Comforts of life

Luxuries of life

All of them

The following affect rent EXCEPT

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better location

fertility of land

cleverness of landlords

scarcity of land

Natural environment that supports production of goods and services is included in

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labour

money

capital

land

This is an assumption of law of demand

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price of the commodity does not change

quantity should not change

supply should not change

income of consumer should not change

In law of diminishing returns at least one factor

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must be constant

must be owned by the firm

must be purchasable

must be efficient

The demand for a factor is called.

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Composite demand

Joint demand

derived demand

No demand

One of the following is fixed capital.

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Raw material

Defence saving certificate

Machinery

None f the three

He said interest is payment for use of money

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Adam Smith

Ricardo

Keynes

Marshall

MRP curve of a factor represents the.

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Supply curve of the factor

Demand curve of the factor

Either demand or supply curve of the factor

None of the three

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Economics Ics Part 1 English Medium Online Test MCQs With Answers

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