| 1 |
The number of laws of cost are |
- A. One
- B. Two
- C. Three
- D. Four
|
| 2 |
Equilibrium price is determined where: |
- A. D = S
- B. D > S
- C. D < S
- D. Both (b) and (c)
|
| 3 |
Supply curve of perishable goods is: |
- A. Horizontal
- B. Vertical
- C. Infinite
- D. All of them
|
| 4 |
Applied on agriculture immediately |
- A. Law of increasing return
- B. Law of substitution
- C. Law of decreasing return
- D. Law of decreasing cost
|
| 5 |
In a production process, when units of variable factors along with fixed factor of production are increased marginal cost goes on falling, this tendency in economics is called |
- A. Law of decreasing cost
- B. Law of increasing cost
- C. Law of constant cost
- D. Law of decreasing return
|
| 6 |
If in a production sector, along with the fixed factor of production, by increasing units of variable factors, marginal product remains constant, this tendency in economics is called |
- A. Law of increasing return
- B. Law of constant return
- C. Law of decreasing return
- D. Law of production
|
| 7 |
No factor can take the place of any other factor, it is explained by |
- A. Law of decreasing return
- B. Law of constant return
- C. Law of increasing return
- D. Law of return
|
| 8 |
When average product increase, marginal product |
- A. Decreases
- B. Is zero
- C. Is negative
- D. Also increases
|
| 9 |
Production which is produced with a particular combination of factors of production, is called |
- A. Total product
- B. Average product
- C. Marginal product
- D. Positive product
|
| 10 |
In law of constant return, marginal product |
- A. Increases
- B. Decreases
- C. Remains constant
- D. Remains changing
|
