Question # 1

When total product is maximum, marginal product

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Is positive

Is negative

Is zero

Is decreasing

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

According to classical economics, production process is under laws

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Two

Three

Four

Five

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

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Intersects falling

Intersect rising

Is above

Is below

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

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Law of decreasing return

Law of increasing return

Law of production

Law of constant return

In law of decreasing return, marginal product

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Increases

Decreases

Remains constant

Does not change

In law of constant return, marginal product

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Increases

Decreases

Remains constant

Remains changing

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

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

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Law of decreasing cost

Law of increasing cost

Law of constant cost

Law of decreasing return

In perfect competition number of firms is

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One

Two

A few

Large

Supply curve of perishable goods is:

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Horizontal

Vertical

Infinite

All of them

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

When total product decreases, marginal product

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Is positive

Is negative

Is zero

Is increasing

Under decreasing return, the slope of marginal product curve is

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Negative

Positive

Infinite

Zero

In law of decreasing cost, marginal cost

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Increases

Decreases

Remains constant

Does not change

When demand and supply rise in equal propoertion, the equilibrium price will:

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Fall

Rise

Constant

None of those

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

In the market period supply is:

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Variable

Fixed

Zero

Positive

Equilibrium price is determined where:

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D = S

D > S

D < S

Both (b) and (c)

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

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

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

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