| 1 |
According to classical economics, production process is under laws |
- A. Two
- B. Three
- C. Four
- D. Five
|
| 2 |
The second name of law of increasing return is |
- A. Law of cost
- B. Law of increasing cost
- C. Law of decreasing cost
- D. Law of constant cost
|
| 3 |
The number of laws of cost are |
- A. One
- B. Two
- C. Three
- D. Four
|
| 4 |
When marginal product is zero, total product is |
- A. Maximum
- B. Minimum
- C. Negative
- D. Zero
|
| 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 |
Under constant return, the slope of marginal product curve is |
- A. Positive
- B. Negative
- C. Infinite
- D. Zero
|
| 7 |
Applied on agriculture immediately |
- A. Law of increasing return
- B. Law of substitution
- C. Law of decreasing return
- D. Law of decreasing cost
|
| 8 |
Supply is Fixed of: |
- A. Perishable goods
- B. Free goods
- C. Durable goods
- D. Substitute goods
|
| 9 |
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
|
| 10 |
Average product is maximum, when marginal product curve ______ average product curve |
- A. Intersects falling
- B. Intersect rising
- C. Is above
- D. Is below
|
