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

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Principles of Economics Icom Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 Average revenue is equal to Price Total revenue Marginal revenue Average cost
2 Additional amount of money which a firm gets by selling an additional unit of output is called Average revenue Marginal revenue Total revenue Revenue
3 Under constant return, the slope of marginal product curve is Positive Negative Infinite Zero
4 Under increasing return, the slope of marginal product curve is Positive Negative Infinite Zero
5 Under decreasing return, the slope of marginal product curve is Negative Positive Infinite Zero
6 When marginal product is zero, total product is Maximum Minimum Negative Zero
7 The number of laws of cost are One Two Three Four
8 Change in total production is called Marginal production Zero production Total production Average production
9 Law of decreasing return is immediately applied on Agriculture Trade Industry Construction
10 Applied on agriculture immediately Law of increasing return Law of substitution Law of decreasing return Law of decreasing cost
11 According to classical economics, production process is under laws Two Three Four Five
12 In law of increasing cost, marginal cost Increases Decreases Remains constant Remains fixed
13 In law of decreasing cost, marginal cost Increases Decreases Remains constant Does not change
14 In perfect competition number of firms is One Two A few Large
15 In law of constant return, marginal product Increases Decreases Remains constant Remains changing
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