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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
ICOM Part 1 English Medium Subjects
ICOM Part 1 Urdu Medium Subjects
MCQ's Test For Chapter 5 "Principles of Economics Icom Part 1 English Medium Chapter 5 Online Test"
Try The MCQ's Test For Chapter 5 "Principles of Economics Icom Part 1 English Medium Chapter 5 Online Test"
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Total Questions15
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Time Allowed20
Principles of Economics Icom Part 1 English Medium Chapter 5 Online Test
00:00
Question # 1
Average product is maximum, when marginal product curve ______ average product curve
Question # 2
Price of perishable goods is determined in:
Question # 3
Equilibrium price is determined in.
Question # 4
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
Question # 5
Law of decreasing return is immediately applied on
Question # 6
Production which is produced with a particular combination of factors of production, is called
Question # 7
Supply is Fixed of:
Question # 8
Market equilibrium take place where:
Question # 9
The sector of production, in which nature plays more role, there is applicable
Question # 10
Laws of return are
Question # 11
In a production process, when units of variable factors along with fixed factor of production are increased marginal cost goes on falling, this tendency in economics is called
Question # 12
Under decreasing return, the slope of marginal product curve is
Question # 13
In law of increasing cost, marginal cost
Question # 14
When Demand > Supply it will be:
Question # 15
According to classical economics, production process is under laws
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.
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| Sr.# | Question | Answer |
|---|---|---|
| 1 | According to classical economics, production process is under laws |
A. Two
B. Three
C. Four
D. Five
|
| 2 | Increasing marginal product shows the law |
A. Law of increasing return
B. Law of constant return
C. Law of decreasing return
D. Law of diminishing marginal utility
|
| 3 | Equilibrium price is determined where: |
A. D = S
B. D > S
C. D < S
D. Both (b) and (c)
|
| 4 | Supply curve of perishable goods is: |
A. Horizontal
B. Vertical
C. Infinite
D. All of them
|
| 5 | Laws of return are |
A. Two
B. Three
C. Four
D. Five
|
| 6 | In perfect competition number of firms is |
A. One
B. Two
C. A few
D. Large
|
| 7 | When average product decreases, marginal product |
A. Increases
B. Is zero
C. Is equal to average product
D. Is less than average product
|
| 8 | Price of perishable goods is determined in: |
A. Very short period
B. Very long period
C. Day to Day
D. Both (a) and (c)
|
| 9 | Production which is produced with a particular combination of factors of production, is called |
A. Total product
B. Average product
C. Marginal product
D. Positive product
|
| 10 | In law of constant return, marginal product |
A. Increases
B. Decreases
C. Remains constant
D. Remains changing
|
| 11 | When total product increases, marginal product |
A. Is positive
B. Is negative
C. May be positive or negative
D. Is zero
|
| 12 | Change in total production is called |
A. Marginal production
B. Zero production
C. Total production
D. Average production
|
| 13 | When marginal product is zero, total product is |
A. Maximum
B. Minimum
C. Negative
D. Zero
|
| 14 | In a production process, when units of variable factors along with fixed factor of production are increased marginal cost goes on falling, this tendency in economics is called |
A. Law of decreasing cost
B. Law of increasing cost
C. Law of constant cost
D. Law of decreasing return
|
| 15 | 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 |
A. Law of production
B. Law of increasing return
C. Law of decreasing return
D. Law of constant return
|
Test Questions
