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

Principles of Economics Icom Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 At least one factor is fixed in: Market period Long period Short period All of three
2 Law of diminishing return is more applicable in: Trade sector Industrial sector Agricultural sector Education sector
3 Which law is applicable when human and natural forces are balance ? Increasing cost Constant cost Diminishing cost Both (a) and (c)
4 Law of increasing return is more applicable in: Trade sector Industrial sector Agricultural sector Power sector
5 Law of decreasing return is also known as: Increasing cost Constant cost Diminishing cost Both (a) and (c)
6 Law of constant return is also known as: Increasing cost Constant cost Diminishing cost Both (a) and (c)
7 Law of increasing return is also known as: Increasing cost Constant cost Diminishing cost Both (a) and (c)
8 When average product is maximum, marginal product is: Positive Equal to AP Zero Negative
9 Laws of returns are also known as: Laws of substitution Laws of consumption Laws of cost All of three
10 When average product increases, marginal product is: Also increases Decreases Zero Negative
11 When total production decreases, marginal product is: Positive Negative Zero Infinite
12 When total production is maximum, marginal product is: Positive Negative Zero Infinite
13 When total production increases, marginal product is: Positive Negative Zero Infinite
14 According to neo classical approach, output is the function of: Labour Capital Organization Both (a) and (b)
15 The factor of production which is result of human struggle. Land Labour Capital Organization
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