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11th Principle of Economics Chapter 8 Test

Here you can prepare 11th Principle of Economics English Medium Chapter 8 Resource Pricing Test. Click the button for 100% free full practice test.

First Year Principles of Economics Chapter 8 Online MCQ Test for 1st Year Principles of Economics Chapter 8 (Resource Pricing)

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
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First Year Principles of Economics Chapter 8 Online MCQ Test for 1st Year Principles of Economics Chapter 8 (Resource Pricing)

Sr. # Questions Answers Choice
1 When Ac is rising:
  • A. AC = MC
  • B. MC > AC
  • C. MC < AC
  • D. Both (b) and (c)
2 At least one factor is fixed in:
  • A. Market period
  • B. Long period
  • C. Short period
  • D. All of three
3 The rate change in total cost is:
  • A. TR
  • B. MC
  • C. MR
  • D. TC
4 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
5 Tendency of demand curve of a factor of production is
  • A. Positive
  • B. Negative
  • C. Zero
  • D. Horizontal
6 MC cuts AC at:
  • A. Maximum point
  • B. Minimum point
  • C. Increasing point
  • D. Decreasing point
7 If a firm does not produce anything then its variable cost is:
  • A. Minimum
  • B. Negative
  • C. Maximum
  • D. Zero
8 Long run average cost curve is:
  • A. Planning curve
  • B. Envelope curve
  • C. Flatter curve
  • D. All of three
9 Marginal revenue product is the amount of money attained by selling
  • A. Average product
  • B. Marginal product
  • C. Total product
  • D. None of these
10 Marginal revenue product curve is called
  • A. Demand curve of firm
  • B. Supply curve of firm
  • C. Demand curve of industry
  • D. Supply curve of industry

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