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

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

Sr. # Questions Answers Choice
1 The number of laws of cost are One Two Three Four
2 Change in total production is called Marginal production Zero production Total production Average production
3 Law of decreasing return is immediately applied on Agriculture Trade Industry Construction
4 Applied on agriculture immediately Law of increasing return Law of substitution Law of decreasing return Law of decreasing cost
5 According to classical economics, production process is under laws Two Three Four Five
6 In law of increasing cost, marginal cost Increases Decreases Remains constant Remains fixed
7 In law of decreasing cost, marginal cost Increases Decreases Remains constant Does not change
8 In perfect competition number of firms is One Two A few Large
9 In law of constant return, marginal product Increases Decreases Remains constant Remains changing
10 In law of decreasing return, marginal product Increases Decreases Remains constant Does not change
11 Increasing marginal product shows the law Law of increasing return Law of constant return Law of decreasing return Law of diminishing marginal utility
12 Laws of return are Two Three Four Five
13 Total product decreases, when marginal product is Positive Negative Zero None of these
14 When marginal product remains positive, total product Goes on decreasing Goes in increasing Becomes negative Does not change
15 Production which is produced with a particular combination of factors of production, is called Total product Average product Marginal product Positive product
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