11th class Principles of Economics chapter 7 online mcq test with answers for I.Com part 1 Principles of Economics chapter 7(Price and Output Determination)

Principles of Economics Icom Part 1 English Medium Chapter 7 Online Test

Sr. #	Questions	Answers Choice
1	Law of diminishing return is more applicable in:	Trade sector Industrial sector Agricultural sector Education sector
2	Which law is applicable when human and natural forces are balance ?	Increasing cost Constant cost Diminishing cost Both (a) and (c)
3	Law of increasing return is more applicable in:	Trade sector Industrial sector Agricultural sector Power sector
4	Law of decreasing return is also known as:	Increasing cost Constant cost Diminishing cost Both (a) and (c)
5	Law of constant return is also known as:	Increasing cost Constant cost Diminishing cost Both (a) and (c)
6	Law of increasing return is also known as:	Increasing cost Constant cost Diminishing cost Both (a) and (c)
7	When average product is maximum, marginal product is:	Positive Equal to AP Zero Negative
8	Laws of returns are also known as:	Laws of substitution Laws of consumption Laws of cost All of three
9	When average product increases, marginal product is:	Also increases Decreases Zero Negative
10	When total production decreases, marginal product is:	Positive Negative Zero Infinite
11	When total production is maximum, marginal product is:	Positive Negative Zero Infinite
12	When total production increases, marginal product is:	Positive Negative Zero Infinite
13	According to neo classical approach, output is the function of:	Labour Capital Organization Both (a) and (b)
14	A monopolist controls the supply	Totally Partially More Not at all
15	The difference between total revenue (TR) and total cost (TC) is called	Loss Profit Profit or loss Utility

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