Question # 1

The other name of law of diminishing return is:

Law of supply

Law of diminishing marginal utility

Law of demand

Law of increasing cost

Under the kinked demand curve model, an increase in marginal cost will lead to:

An increase in output level and a decrease in price.

A decrease in output level and an increase in price.

A decrease in output level and no change in price.

Neither a change in output level our a change in price.

Name the water project to be completed in April 2009:

Gomal Zam Dam

Rainee Canal

Kachhi Canal

Mirani Dam

Consumer goods are those goods which are used by a man:

Directly

Off and On

Indirectly

Never

As more of a good is consumed, then total utility typically:

Increases at a decreasing rate.

Decreases as long as marginal utility is negative

Decreases as long as marginal utility is positive

Is negative as long as marginal utility is decreasing.

The supply of land is:

Infinity

Fixed

Variable

Zero

NAT II Management Science Economy MCQs With Answers