11th Class ICom Part 1 Principles of Economics Chapter Wise Online MCQ Test With Answers PDF English Medium

Principles of Economics Icom Part 1 English Medium Online Test

Sr. #	Questions	Answers Choice
1	One of the following is not included in implicit cost	Interest of entrepreneur's own capital Rent of building Reward of entrepreneur's own labour Reward of entrepreneur's own land
2	One of the following is not included in explicit cost	Wages of labourers Reward of entrepreneur's personal labour Price of raw material Interest of capital
3	No factor can take the place of any other factor, it is explained by	Law of decreasing return Law of constant return Law of increasing return Law of return
4	The production sector where human brain and intelligence plays more role there is applicable	Law of increasing return Law of constant return Law of decreasing return Law of increasing cost
5	The second name of law of decreasing return is	Law of increasing cost Law of constant cost Law of decreasing cost Law of cost
6	The second name of law of constant return is	Law of decreasing cost Law of increasing cost Law of cost Law of constant cost
7	The second name of law of increasing return is	Law of cost Law of increasing cost Law of decreasing cost Law of constant cost
8	In production process, when units of variable factors along with fixed factor of production are increased, marginal product goes on failing, this tendency in economics is called	Law of decreasing return Law of increasing return Law of production Law of constant return
9	If in a production sector, along with the fixed factor of production, by increasing units of variable factors, marginal product remains constant, this tendency in economics is called	Law of increasing return Law of constant return Law of decreasing return Law of production
10	In production process when marginal product increases with the increase in units of variable factors along with fixed factor, this tendency in economics is called	Law of production Law of increasing return Law of decreasing return Law of constant return
11	Average product is maximum, when marginal product curve ______ average product curve	Intersects falling Intersect rising Is above Is below
12	When total product decreases, marginal product	Is positive Is negative Is zero Is increasing
13	When total product is maximum, marginal product	Is positive Is negative Is zero Is decreasing
14	When total product increases, marginal product	Is positive Is negative May be positive or negative Is zero
15	When average product decreases, marginal product	Increases Is zero Is equal to average product Is less than average product

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