| 1 |
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
|
| 2 |
Supply of the one of the following is not fixed: |
- A. Vegetable
- B. Fruit
- C. Milk
- D. Motor bike
|
| 3 |
According to classical economics, production process is under laws |
- A. Two
- B. Three
- C. Four
- D. Five
|
| 4 |
In a production process, when units of variable factors along with fixed factor of production are increased, marginal cost goes on rising, this tendency in economics is called |
- A. Law of decreasing cost
- B. Law of constant cost
- C. Law of increasing cost
- D. Law of increasing return
|
| 5 |
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
|
| 6 |
When Demand > Supply it will be: |
- A. Shortage
- B. Less supply
- C. More demand
- D. Surplus
|
| 7 |
Equilibrium price is determined in. |
- A. Perfect market
- B. Imperfect market
- C. Monopoly
- D. None of these
|
| 8 |
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
|
| 9 |
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
|
| 10 |
In perfect competition number of firms is |
- A. One
- B. Two
- C. A few
- D. Large
|
