ICOM Part 1 Principles of Economics English Medium Chapter 5 MCQ's Test

11th Class Principles of Economics English Medium Online MCQ Test for Chapter 5 (Laws of Return)

ICOM Part 1 Principles of Economics English Medium Chapter 5 MCQ's Test

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ICOM Part 1 Principles of Economics Chapter Wise Test (English Medium)

11th Class Principles of Economics English Medium Online MCQ Test for Chapter 5 (Laws of Return)

Sr. # Questions Answers Choice
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

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

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Lahore15 - Jun - 2025

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04 Mins 43 Sec

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