Question # 1

Change in total production is called

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Marginal production

Zero production

Total production

Average production

Equilibrium price is determined where:

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D = S

D > S

D < S

Both (b) and (c)

The number of laws of cost are

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One

Two

Three

Four

When average product decreases, marginal product

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Increases

Is zero

Is equal to average product

Is less than average product

When Demand > Supply it will be:

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Shortage

Less supply

More demand

Surplus

The production sector where human brain and intelligence plays more role there is applicable

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Law of increasing return

Law of constant return

Law of decreasing return

Law of increasing cost

When total product decreases, marginal product

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Is positive

Is negative

Is zero

Is increasing

Law of decreasing return is immediately applied on

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Agriculture

Trade

Industry

Construction

In the market period supply is:

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Variable

Fixed

Zero

Positive

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

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Law of increasing return

Law of constant return

Law of decreasing return

Law of production

When average product is maximum, marginal product is

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Equal to average product

More than average product

Less than average product

Zero

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

Applied on agriculture immediately

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Law of increasing return

Law of substitution

Law of decreasing return

Law of decreasing cost

The second name of law of constant return is

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Law of decreasing cost

Law of increasing cost

Law of cost

Law of constant cost

When marginal product is zero, total product is

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Maximum

Minimum

Negative

Zero

In production process when marginal product increases with the increase in units of variable factors along with fixed factor, this tendency in economics is called

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Law of production

Law of increasing return

Law of decreasing return

Law of constant return

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

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