| 1 |
Tendency of demand curve of a factor of production is |
- A. Positive
- B. Negative
- C. Zero
- D. Horizontal
|
| 2 |
If a firm does not produce anything then its variable cost is: |
- A. Minimum
- B. Negative
- C. Maximum
- D. Zero
|
| 3 |
According to which theory every factor of production gets the reward of its services equal to its marginal product |
- A. Demand and supply theory
- B. Liquidity preference theory
- C. Marginal productivity theory
- D. Uncertainty theory
|
| 4 |
Self owned resources are known as: |
- A. Implicit cost
- B. Explicit cost
- C. Opportunity cost
- D. Sunk cost
|
| 5 |
According to which economist, some factors are indivisble |
- A. Adam Smith
- B. Marshall
- C. Davenport
- D. Hobson
|
| 6 |
Amount of money attained by selling marginal product is called |
- A. Average revenue product
- B. Marginal revenue product
- C. Total revenue product
- D. None of three
|
| 7 |
Fixed cost consists of: |
- A. Rent
- B. Salaries
- C. Interest
- D. All of them
|
| 8 |
Under perfect competition average revenue is equal to: |
- A. Average cost
- B. Price
- C. Marginal revenue
- D. Both b and c
|
| 9 |
Wages of permanent labourers are: |
- A. Fixed cost
- B. Marginal cost
- C. Total cost
- D. Variable cost
|
| 10 |
According to which economist, it is difficult to find marginal product of a factor of production |
- A. Marshall and pigou
- B. Adam Smith and Malthus
- C. Keynes
- D. Taussing and Davenport
|
