Question # 1

Demand for factors of production is

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Direct

Derived

Positive

Negative

AR curve is also called:

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Supply curve

Demand curve

Utility curve

Cost curve

When AC is falling then:

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MC = AC

AVC = MC

MC > AC

MC < AC

Marginal revenue product curve is called

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Demand curve of the firm

Supply curve of the firm

Demand curve of the industry

Supply curve of industry

Long run average cost curve is:

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Planning curve

Envelope curve

Flatter curve

All of three

Which law is applicable on production process under marginal productivity theory

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Law of increasing return

Law of constant return

Law of decreasing return

Law of decreasing cost

Marginal revenue product is the amount of money attained by selling

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Average product

Marginal product

Total product

None of these

Production of the last unit of a factor of production is called

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Total product

Average product

Marginal product

Positive product

Under perfect competition:

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AR > MR

AR < MR

AR = MR

All of three

Firm's cost depends upon:

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Revenue

Supply

Price

Output

Wages of permanent labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

With the increase of output, which cost of production increases:

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VC

AC

FC

MC

According to which theory every factor of production gets the reward of its services equal to its marginal product

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Demand and supply theory

Liquidity preference theory

Marginal productivity theory

Uncertainty theory

According to which economist, it is difficult to find marginal product of a factor of production

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Marshall and pigou

Adam Smith and Malthus

Keynes

Taussing and Davenport

Amount of money attained by selling marginal product is called

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Average revenue product

Marginal revenue product

Total revenue product

None of three

All factors of production are variable in the:

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Market period

Long period

Short period

All of these

Marginal productivity theory was presented by

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Adam Smith and Malthus

Marshall and J.B Clark

Robbins and Keyness

Pigou and Cannon

According to which economist, it is difficult to find marginal product

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Robbins and Keynes

Marshall and pigou

Adam Smith and Mathuls

Taussing and Davenport

Self owned resources are known as:

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Implicit cost

Explicit cost

Opportunity cost

Sunk cost

TC = TFC +:

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MC

AR

TVC

TAC

Marginal revenue product curve is called

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Demand curve of firm

Supply curve of firm

Demand curve of industry

Supply curve of industry

Under monopoly the slopes of AR and MR are:

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Zero

Positive

Negative

None of three

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Principles of Economics Icom Part 1 English Medium Chapter 8 Online Test MCQs With Answers

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