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This online test contains MCQs about following topics:
. Marginal productivity theory . Comprehensive definition . Criticism on marginal productivity theory
ICOM Part 1 Economics Ch 8 Test
ICOM Part 1 English Medium Subjects
ICOM Part 1 Urdu Medium Subjects
MCQ's Test For Chapter 8 "Principles of Economics Icom Part 1 English Medium Chapter 8 Online Test"
Try The MCQ's Test For Chapter 8 "Principles of Economics Icom Part 1 English Medium Chapter 8 Online Test"
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Total Questions15
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Time Allowed20
Principles of Economics Icom Part 1 English Medium Chapter 8 Online Test
00:00
Question # 1
When AC is falling then:
Question # 2
According to which economist, it is difficult to find marginal product
Question # 3
Which law is applicable on production process under marginal productivity theory
Question # 4
Under perfect competition:
Question # 5
In short average cost curve is:
Question # 6
Amount of money attained by selling marginal product is called
Question # 7
According to which economist, it is difficult to find marginal product of a factor of production
Question # 8
Fixed cost consists of:
Question # 9
All factors of production are variable in the:
Question # 10
Under monopoly the slopes of AR and MR are:
Question # 11
Self owned resources are known as:
Question # 12
Demand for factors of production is
Question # 13
When Ac is rising:
Question # 14
MC cuts AC at:
Question # 15
With the increase of output, which cost of production increases:
11th Principle of Economics Chapter 8 Test
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| Sr.# | Question | Answer |
|---|---|---|
| 1 | Marginal revenue product is the amount of money attained by selling |
A. Average product
B. Marginal product
C. Total product
D. None of these
|
| 2 | At least one factor is fixed in: |
A. Market period
B. Long period
C. Short period
D. All of three
|
| 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 | Next best alternative use of resources is known as: |
A. Implicit cost
B. Explicit cost
C. Opportunity cost
D. Sunk cost
|
| 5 | Wages of temporary labourers are: |
A. Fixed cost
B. Marginal cost
C. Total cost
D. Variable cost
|
| 6 | Under monopoly the slopes of AR and MR are: |
A. Zero
B. Positive
C. Negative
D. None of three
|
| 7 | Under perfect competition: |
A. AR > MR
B. AR < MR
C. AR = MR
D. All of three
|
| 8 | The rate change in total cost is: |
A. TR
B. MC
C. MR
D. TC
|
| 9 | Which law is applicable on production process under marginal productivity theory |
A. Law of increasing return
B. Law of constant return
C. Law of decreasing return
D. Law of decreasing cost
|
| 10 | In short average cost curve is: |
A. Saucer shaped
B. Negative slope
C. U shaped
D. Flatter
|
| 11 | Marginal revenue product curve is called |
A. Demand curve of the firm
B. Supply curve of the firm
C. Demand curve of the industry
D. Supply curve of industry
|
| 12 | AR curve is also called: |
A. Supply curve
B. Demand curve
C. Utility curve
D. Cost curve
|
| 13 | Marginal productivity theory was presented by |
A. Adam Smith and Malthus
B. Marshall and J.B Clark
C. Robbins and Keyness
D. Pigou and Cannon
|
| 14 | Wages of permanent labourers are: |
A. Fixed cost
B. Marginal cost
C. Total cost
D. Variable cost
|
| 15 | MC cuts AC at: |
A. Maximum point
B. Minimum point
C. Increasing point
D. Decreasing point
|
Test Questions
