Question # 1

According to classical economics, production process is under laws

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Two

Three

Four

Five

When total product increases, marginal product

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Is positive

Is negative

May be positive or negative

Is zero

In the market period supply is:

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Variable

Fixed

Zero

Positive

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 is Fixed of:

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Perishable goods

Free goods

Durable goods

Substitute goods

When marginal product remains positive, total product

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Goes on decreasing

Goes in increasing

Becomes negative

Does not change

Under constant return, the slope of marginal product curve is

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Positive

Negative

Infinite

Zero

Total product decreases, when marginal product is

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Positive

Negative

Zero

None of these

Price of perishable goods is determined in:

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Very short period

Very long period

Day to Day

Both (a) and (c)

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 of the one of the following is not fixed:

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Vegetable

Fruit

Milk

Motor bike

If supply does not change, then due to rise in demand, equilibrium price.

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Increases

Decreases

Does not change

Becomes zero

In law of increasing cost, marginal cost

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Increases

Decreases

Remains constant

Remains fixed

When average product decreases, marginal product

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Increases

Is zero

Is equal to average product

Is less than average product

In law of decreasing cost, marginal cost

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Increases

Decreases

Remains constant

Does not change

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

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Intersects falling

Intersect rising

Is above

Is below

In law of decreasing return, marginal product

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Increases

Decreases

Remains constant

Does not change

The second name of law of constant return is

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Law of decreasing cost

Law of increasing cost

Law of cost

Law of constant 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 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

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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