| 1 |
In a production process, when units of variable factors along with fixed factor of production are increased, marginal cost goes on rising, this tendency in economics is called |
- A. Law of decreasing cost
- B. Law of constant cost
- C. Law of increasing cost
- D. Law of increasing return
|
| 2 |
The production sector where human brain and intelligence plays more role there is applicable |
- A. Law of increasing return
- B. Law of constant return
- C. Law of decreasing return
- D. Law of increasing cost
|
| 3 |
In production process, when units of variable factors along with fixed factor of production are increased, marginal product goes on failing, this tendency in economics is called |
- A. Law of decreasing return
- B. Law of increasing return
- C. Law of production
- D. Law of constant return
|
| 4 |
The sector of production, in which nature and human beings play an equal role, there is applicable |
- A. Law of decreasing return
- B. Law of decreasing cost
- C. Law of increasing return
- D. Law of constant return
|
| 5 |
When demand and supply rise in equal propoertion, the equilibrium price will: |
- A. Fall
- B. Rise
- C. Constant
- D. None of those
|
| 6 |
When average product decreases, marginal product |
- A. Increases
- B. Is zero
- C. Is equal to average product
- D. Is less than average product
|
| 7 |
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
|
| 8 |
Equilibrium price is determined where: |
- A. D = S
- B. D > S
- C. D < S
- D. Both (b) and (c)
|
| 9 |
When marginal product is zero, total product is |
- A. Maximum
- B. Minimum
- C. Negative
- D. Zero
|
| 10 |
When total product is maximum, marginal product |
- A. Is positive
- B. Is negative
- C. Is zero
- D. Is decreasing
|
