Question # 1

When marginal product is zero, total product is

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Maximum

Minimum

Negative

Zero

Supply is Fixed of:

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Perishable goods

Free goods

Durable goods

Substitute goods

When total product increases, marginal product

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Is positive

Is negative

May be positive or negative

Is zero

When marginal product remains positive, total product

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Goes on decreasing

Goes in increasing

Becomes negative

Does not change

Increasing marginal product shows the law

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Law of increasing return

Law of constant return

Law of decreasing return

Law of diminishing marginal utility

Average product is maximum, when marginal product curve ______ average product curve

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Intersects falling

Intersect rising

Is above

Is below

The second name of law of increasing return is

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Law of cost

Law of increasing cost

Law of decreasing cost

Law of constant cost

When Demand > Supply it will be:

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Shortage

Less supply

More demand

Surplus

According to classical economics, production process is under laws

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Two

Three

Four

Five

Applied on agriculture immediately

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Law of increasing return

Law of substitution

Law of decreasing return

Law of decreasing cost

Under increasing return, the slope of marginal product curve is

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Positive

Negative

Infinite

Zero

Laws of return are

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Two

Three

Four

Five

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

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of increasing return

When total product is maximum, marginal product

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Is positive

Is negative

Is zero

Is decreasing

In law of increasing cost, marginal cost

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Increases

Decreases

Remains constant

Remains fixed

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Principles of Economics Icom Part 1 English Medium Chapter 5 Online Test MCQs With Answers

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