Question # 1

In law of decreasing cost, marginal cost

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Increases

Decreases

Remains constant

Does not change

Supply is Fixed of:

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Perishable goods

Free goods

Durable goods

Substitute goods

In law of decreasing return, marginal product

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Increases

Decreases

Remains constant

Does not change

The production sector where human brain and intelligence plays more role there is applicable

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Law of increasing return

Law of constant return

Law of decreasing return

Law of increasing cost

The second name of law of decreasing return is

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Law of increasing cost

Law of constant cost

Law of decreasing cost

Law of cost

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

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

Under constant return, the slope of marginal product curve is

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Positive

Negative

Infinite

Zero

Supply of the one of the following is not fixed:

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Vegetable

Fruit

Milk

Motor bike

When total product increases, marginal product

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Is positive

Is negative

May be positive or negative

Is zero

Laws of return are

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Two

Three

Four

Five

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

In perfect competition number of firms is

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One

Two

A few

Large

Applied on agriculture immediately

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Law of increasing return

Law of substitution

Law of decreasing return

Law of decreasing cost

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 average product decreases, marginal product

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Increases

Is zero

Is equal to average product

Is less than average product

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

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