Question # 1

The sector of production, in which nature plays more role, there is applicable

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Law of increasing return

Law of constant return

Law of decreasing return

Law of decreasing cost

Equilibrium price is determined where:

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D = S

D > S

D < S

Both (b) and (c)

When total product is maximum, marginal product

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Is positive

Is negative

Is zero

Is decreasing

Applied on agriculture immediately

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Law of increasing return

Law of substitution

Law of decreasing return

Law of decreasing cost

When total product decreases, marginal product

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Is positive

Is negative

Is zero

Is increasing

Production which is produced with a particular combination of factors of production, is called

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Total product

Average product

Marginal product

Positive product

In law of constant return, marginal product

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Increases

Decreases

Remains constant

Remains changing

In law of decreasing cost, marginal cost

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Increases

Decreases

Remains constant

Does not change

When average product is maximum, marginal product is

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Equal to average product

More than average product

Less than average product

Zero

Supply is Fixed of:

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Perishable goods

Free goods

Durable goods

Substitute goods

Price of perishable goods is determined in:

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Very short period

Very long period

Day to Day

Both (a) and (c)

Under increasing return, the slope of marginal product curve is

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Positive

Negative

Infinite

Zero

In law of increasing cost, marginal cost

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Increases

Decreases

Remains constant

Remains fixed

When Demand > Supply it will be:

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Shortage

Less supply

More demand

Surplus

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

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Law of decreasing return

Law of increasing return

Law of production

Law of constant return

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Principles of Economics Icom Part 1 English Medium Chapter 5 Online Test MCQs With Answers

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