Question # 1

Laws of return are

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Two

Three

Four

Five

When total product increases, marginal product

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Is positive

Is negative

May be positive or negative

Is zero

The sector of production, in which nature plays more role, there is applicable

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Law of increasing return

Law of constant return

Law of decreasing return

Law of decreasing cost

Total product decreases, when marginal product is

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Positive

Negative

Zero

None of these

The second name of law of decreasing return is

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Law of increasing cost

Law of constant cost

Law of decreasing cost

Law of cost

When marginal product is zero, total product is

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Maximum

Minimum

Negative

Zero

When total product decreases, marginal product

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Is positive

Is negative

Is zero

Is increasing

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

In a production process, when units of variable factors along with the fixed factor of production are increased, marginal cost remains the same, this tendency in economics is called

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of decreasing return

In the market period supply is:

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Variable

Fixed

Zero

Positive

Production which is produced with a particular combination of factors of production, is called

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Total product

Average product

Marginal product

Positive product

Supply is Fixed of:

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Perishable goods

Free goods

Durable goods

Substitute goods

Market equilibrium take place where:

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D = S

D > S

D < S

Both (b) and (c)

Equilibrium price is determined where:

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D = S

D > S

D < S

Both (b) and (c)

When average product increase, marginal product

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Decreases

Is zero

Is negative

Also increases

Under constant return, the slope of marginal product curve is

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Positive

Negative

Infinite

Zero

Supply curve of perishable goods is:

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Horizontal

Vertical

Infinite

All of them

Supply of the one of the following is not fixed:

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Vegetable

Fruit

Milk

Motor bike

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

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Intersects falling

Intersect rising

Is above

Is below

Under increasing return, the slope of marginal product curve is

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Positive

Negative

Infinite

Zero

The sector of production, in which nature and human beings play an equal role, there is applicable

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Law of decreasing return

Law of decreasing cost

Law of increasing 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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