Question # 1

According to which economist, it is difficult to find marginal product

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Robbins and Keynes

Marshall and pigou

Adam Smith and Mathuls

Taussing and Davenport

All factors of production are variable in the:

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Market period

Long period

Short period

All of these

Firm's cost depends upon:

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Revenue

Supply

Price

Output

Tendency of demand curve of a factor of production is

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Positive

Negative

Zero

Horizontal

Under monopoly the slopes of AR and MR are:

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Zero

Positive

Negative

None of three

Wages of permanent labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

Marginal revenue product is the amount of money attained by selling

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Average product

Marginal product

Total product

None of these

In short average cost curve is:

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Saucer shaped

Negative slope

U shaped

Flatter

According to which theory every factor of production gets the reward of its services equal to its marginal product

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Demand and supply theory

Liquidity preference theory

Marginal productivity theory

Uncertainty theory

Cost of a firm on the optimum combination of factors of production is

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Minimum

Maximum

Reasonable

Positive

At least one factor is fixed in:

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Market period

Long period

Short period

All of three

Demand for factors of production is

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Direct

Derived

Positive

Negative

Under perfect competition:

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AR > MR

AR < MR

AR = MR

All of three

Wages of temporary labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

Which law is applicable on production process under marginal productivity theory

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Law of increasing return

Law of constant return

Law of decreasing return

Law of decreasing cost

With the increase of output, which cost of production increases:

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VC

AC

FC

MC

Self owned resources are known as:

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Implicit cost

Explicit cost

Opportunity cost

Sunk cost

Marginal revenue product curve is called

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Demand curve of the firm

Supply curve of the firm

Demand curve of the industry

Supply curve of industry

MPP stand is

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Marginal price product

Marginal Physical Product

Marginal Physical Price

Marginal Perfect Price

According to which economist, some factors are indivisble

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Adam Smith

Marshall

Davenport

Hobson

The rate change in total cost is:

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TR

MC

MR

TC

MC cuts AC at:

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Maximum point

Minimum point

Increasing point

Decreasing point

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Principles of Economics Icom Part 1 English Medium Chapter 8 Online Test MCQs With Answers

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