11th Principles of Economics MCQS Chapter 5

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11th Principles of Economics MCQS


In production process when marginal product increases with the increase in units of variable factors along with fixed factor, this tendency in economics is called
Law of constant return
Law of production
Law of decreasing return
Law of increasing return

Under constant return, the slope of marginal product curve is
Positive
Zero
Negative
Infinite

When average product is maximum, marginal product is
Equal to average product
Zero
Less than average product
More than average product

In a production process, when units of variable factors along with fixed factor of production are increased marginal cost goes on falling, this tendency in economics is called
Law of constant cost
Law of decreasing cost
Law of increasing cost
Law of decreasing return

Change in total production is called
Zero production
Total production
Average production
Marginal production

No factor can take the place of any other factor, it is explained by
Law of decreasing return
Law of constant return
Law of return
Law of increasing return

When marginal product remains positive, total product
Becomes negative
Goes on decreasing
Does not change
Goes in increasing

Total product decreases, when marginal product is
Positive
None of these
Zero
Negative

Law of decreasing return is immediately applied on
Agriculture
Industry
Construction
Trade

When total product is maximum, marginal product
Is zero
Is negative
Is positive
Is decreasing

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