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Question-1
We can derive product from average products by _______________ with the units of the variable factor
(A)
Multiple average products
(B)
Adding average products
(C)
Dividing average products
(D)
None of these
Question-2
TP
n
-TP
n-1
is the formula for estimating
(A)
Total products
(B)
Average physical products
(C)
Marginal products
(D)
None of these
Question-3
When marginal products is less than average product, average product should _________________
(A)
Fall
(B)
Rise
(C)
Remain constant
(D)
None of these
Question-4
In the second stage, eventually the marginal product reaches _________________
(A)
Zero
(B)
Minimum
(C)
Maximum
(D)
None of these
Question-5
If increase in output is smaller than proportionate increase in the quantity of all inputs, returns to scale are said to be ______________
(A)
Increasing returns to scale
(B)
Constant returns to scale
(C)
Diminishing returns to scale
(D)
None of these
Question-6
In the short run production function _______________ will always the variable factor
(A)
Labour
(B)
Capital
(C)
Organisation
(D)
None of these
Question-7
__________________ is an example of external diseconomies of scale.
(A)
Difficulty of management
(B)
Shortage of skilled labour
(C)
Inefficiency of labour
(D)
Technical diseconomies
Question-8
The law of variable proportion was propounded by ________________
(A)
Adam Smith
(B)
Samuelson
(C)
Marshall
(D)
Karal marx
Question-9
When production of the firm goes beyond a limit, it leads to _______________
(A)
Greater specialistion
(B)
Improved technology
(C)
Diseconomies of scale
(D)
Economies of transport
Question-10
In the second stage, total product reaches ________________
(A)
Zero
(B)
Minimum
(C)
maximum
(D)
None of these
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Plus 2 Humanities
ICSE/ISC
Practice in Related Chapters
Micro Economic Theory
Theory of Consumer Behavior; Marginal Utility and Indifference Curve Analysis
Law of Supply and Price Elasticity of Supply
Laws of Returns - Returns to a Factor and Returns to Scale
Demand and Law of Demand
Elasticity of Demand
Cost and Revenue Analysis
FORMS OF MARKET
EQUILIBRIUM OF FIRM
Determination of Equilibrium Price and Output Under Perfect Competition Monopoly and Monopolistic
Equilibrium Price: Market Price
Nature of Goods and Services Produced
National Income Aggregates
INTERNATIONAL TRADE; NEED AND BASIS
Balance of Payments
Theory of Distribution: Marginal Productivity Theory and Determination of Wages
Public Expenditure
PUBLIC DEBT
Fiscal Policy and Deficit Financing
The Theory of Distribution: Rent, Interest and Profit
National Income and Circular Flow of Income
Measurement of National Income
- GOVERNMENT BUDGET
PUBLIC FINANCE;TAXATION
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