Question # 1

If in a production sector, along with the fixed factor of production, by increasing units of variable factors, marginal product remains constant, this tendency in economics is called

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Law of increasing return

Law of constant return

Law of decreasing return

Law of production

Applied on agriculture immediately

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Law of increasing return

Law of substitution

Law of decreasing return

Law of decreasing cost

Under increasing return, the slope of marginal product curve is

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Positive

Negative

Infinite

Zero

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

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

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Law of production

Law of increasing return

Law of decreasing return

Law of constant return

Supply of the one of the following is not fixed:

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Vegetable

Fruit

Milk

Motor bike

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

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of decreasing return

Increasing marginal product shows the law

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Law of increasing return

Law of constant return

Law of decreasing return

Law of diminishing marginal utility

Equilibrium price is determined where:

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D = S

D > S

D < S

Both (b) and (c)

When total product increases, marginal product

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Is positive

Is negative

May be positive or negative

Is zero

Law of decreasing return is immediately applied on

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Agriculture

Trade

Industry

Construction

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

When total product decreases, marginal product

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Is positive

Is negative

Is zero

Is increasing

Supply curve of perishable goods is:

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Horizontal

Vertical

Infinite

All of them

Supply is Fixed of:

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Perishable goods

Free goods

Durable goods

Substitute goods

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

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