| 1 |
According to classical economics, production process is under laws |
- A. Two
- B. Three
- C. Four
- D. Five
|
| 2 |
Market equilibrium take place where: |
- A. D = S
- B. D > S
- C. D < S
- D. Both (b) and (c)
|
| 3 |
Equilibrium price is determined where: |
- A. D = S
- B. D > S
- C. D < S
- D. Both (b) and (c)
|
| 4 |
Price of perishable goods is determined in: |
- A. Very short period
- B. Very long period
- C. Day to Day
- D. Both (a) and (c)
|
| 5 |
In law of constant return, marginal product |
- A. Increases
- B. Decreases
- C. Remains constant
- D. Remains changing
|
| 6 |
The number of laws of cost are |
- A. One
- B. Two
- C. Three
- D. Four
|
| 7 |
When marginal product remains positive, total product |
- A. Goes on decreasing
- B. Goes in increasing
- C. Becomes negative
- D. Does not change
|
| 8 |
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
|
| 9 |
When Demand > Supply it will be: |
- A. Shortage
- B. Less supply
- C. More demand
- D. Surplus
|
| 10 |
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
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