Question # 1

The second name of law of increasing return is

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Law of cost

Law of increasing cost

Law of decreasing cost

Law of constant cost

In law of constant return, marginal product

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Increases

Decreases

Remains constant

Remains changing

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

When Demand > Supply it will be:

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Shortage

Less supply

More demand

Surplus

When average product increase, marginal product

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Decreases

Is zero

Is negative

Also increases

Average product is maximum, when marginal product curve ______ average product curve

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Intersects falling

Intersect rising

Is above

Is below

Total product decreases, when marginal product is

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Positive

Negative

Zero

None of these

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

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Law of decreasing cost

Law of increasing cost

Law of constant cost

Law of decreasing return

Laws of return are

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Two

Three

Four

Five

Supply of the one of the following is not fixed:

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Vegetable

Fruit

Milk

Motor bike

In law of increasing cost, marginal cost

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Increases

Decreases

Remains constant

Remains fixed

According to classical economics, production process is under laws

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Two

Three

Four

Five

Law of decreasing return is immediately applied on

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Agriculture

Trade

Industry

Construction

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

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of increasing return

When average product decreases, marginal product

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Increases

Is zero

Is equal to average product

Is less than average product

When total product decreases, marginal product

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Is positive

Is negative

Is zero

Is increasing

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

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