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Economics Ics Part 1 English Medium Chapter 15 Online Test MCQs With Answers

Question # 1

One of the following is not assumption of the marginal productivity theory.

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All factors of production are present substitutes of each other.

Law of increasing return applies in the production process.

There is perfect mobility of factor of production

Units of each factors of production are identical

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Question # 2

"The reward for a factor is determined by the marginal revenue product of the factor" . it was said by:

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J.M. Keynes

Taussing

Hansen

Carver

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Question # 3

:It is not possible to separate marginal revenue product of each factor of production:. It was said by:

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Carver

Hobson

Hansen

Hicks

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Question # 4

A firm should shut down in the short run if it is not covering its

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variable cost

fixed cost

total cost

explicit cost

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Question # 5

The position of the firm when it is earning maximum of profit and Profit = Total Revenue - Total cost are called

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Perfect competition

Under perfect competition

Equilibrium of firm

None of these

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Question # 6

Marginal revenue recommended by symbol

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None of these

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Question # 7

The demand for a factor depends on its.

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MRP

ARP

MRP = ARP

MRP < ARP

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Question # 8

Choose the correct condition of equilibrium of firm

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MC = MR

MC curve cuts MR curve from below

Both a and b

MC + MR - AR

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Question # 9

The correlation between average wage (AW) and marginal wage (MW) under perfect competition is .

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AW = MW

AW > MW

AW < MW

None of the three

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Question # 10

The demand for a factor is called.

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Composite demand

Joint demand

derived demand

No demand

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Question # 11

Marginal revenue is always less than price at all level of output in

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perfect competition

monopoly

both a and b

none of the above

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