| 1 |
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
|
| 2 |
When Demand > Supply it will be: |
- A. Shortage
- B. Less supply
- C. More demand
- D. Surplus
|
| 3 |
Equilibrium price is determined in. |
- A. Perfect market
- B. Imperfect market
- C. Monopoly
- D. None of these
|
| 4 |
Supply is Fixed of: |
- A. Perishable goods
- B. Free goods
- C. Durable goods
- D. Substitute goods
|
| 5 |
When average product is maximum, marginal product is |
- A. Equal to average product
- B. More than average product
- C. Less than average product
- D. Zero
|
| 6 |
If supply does not change, then due to rise in demand, equilibrium price. |
- A. Increases
- B. Decreases
- C. Does not change
- D. Becomes zero
|
| 7 |
Market equilibrium take place where: |
- A. D = S
- B. D > S
- C. D < S
- D. Both (b) and (c)
|
| 8 |
The production sector where human brain and intelligence plays more role there is applicable |
- A. Law of increasing return
- B. Law of constant return
- C. Law of decreasing return
- D. Law of increasing cost
|
| 9 |
The sector of production, in which nature plays more role, there is applicable |
- A. Law of increasing return
- B. Law of constant return
- C. Law of decreasing return
- D. Law of decreasing cost
|
| 10 |
Average product is maximum, when marginal product curve ______ average product curve |
- A. Intersects falling
- B. Intersect rising
- C. Is above
- D. Is below
|
