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11th Principle of Economics Chapter 5 Test

Here you can prepare 11th Principle of Economics English Medium Chapter 5 Laws of Return Test. Click the button for 100% free full practice test.

First Year Principles of Economics Chapter 5 Online MCQ Test for 1st Year Principles of Economics Chapter 5 (Laws of Return)

This online test contains MCQs about following topics:

. Analysis of firms output . Laws of return . Law of increasing return . Application of law of increasing return . Law of constant return . Law of diminishing return . Laws of costs . Allpication of law of deminishing return

ICOM Part 1 Economics Ch 5 Test
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First Year Principles of Economics Chapter 5 Online MCQ Test for 1st Year Principles of Economics Chapter 5 (Laws of Return)

Sr. # Questions Answers Choice
1 In a production process, when units of variable factors along with the fixed factor of production are increased, marginal cost remains the same, this tendency in economics is called
  • A. Law of decreasing cost
  • B. Law of constant cost
  • C. Law of increasing cost
  • D. Law of decreasing return
2 In perfect competition number of firms is
  • A. One
  • B. Two
  • C. A few
  • D. Large
3 Law of decreasing return is immediately applied on
  • A. Agriculture
  • B. Trade
  • C. Industry
  • D. Construction
4 Change in total production is called
  • A. Marginal production
  • B. Zero production
  • C. Total production
  • D. Average production
5 No factor can take the place of any other factor, it is explained by
  • A. Law of decreasing return
  • B. Law of constant return
  • C. Law of increasing return
  • D. Law of return
6 When demand and supply rise in equal propoertion, the equilibrium price will:
  • A. Fall
  • B. Rise
  • C. Constant
  • D. None of those
7 When marginal product remains positive, total product
  • A. Goes on decreasing
  • B. Goes in increasing
  • C. Becomes negative
  • D. Does not change
8 Under increasing return, the slope of marginal product curve is
  • A. Positive
  • B. Negative
  • C. Infinite
  • D. Zero
9 The second name of law of constant return is
  • A. Law of decreasing cost
  • B. Law of increasing cost
  • C. Law of cost
  • D. Law of constant cost
10 Equilibrium price is determined where:
  • A. D = S
  • B. D > S
  • C. D < S
  • D. Both (b) and (c)

Top Scorers of Principles of Economics Icom Part 1 English Medium Chapter 5 Online Test

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Lahore08 - Feb - 2024

13/15
02 Mins 37 Sec
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Lahore08 - Feb - 2024

13/15
02 Mins 47 Sec
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Lahore08 - Feb - 2024

11/15
02 Mins 16 Sec

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