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Question-1
Total product is otherwise known as _________________
(A)
Marginal product
(B)
Total physical products
(C)
Average products
(D)
None of these
Question-2
The law of variable proportion was propounded by ________________
(A)
Adam Smith
(B)
Samuelson
(C)
Marshall
(D)
Karal marx
Question-3
_________________ to scale is the intermediate stage between increasing and diminishing returns.
(A)
Constant returns
(B)
Consistent returns
(C)
Variable returns
(D)
None of these
Question-4
The concept of division of labour was first coined by ________________
(A)
Marshall
(B)
Keynes
(C)
Adam Smith
(D)
None of these
Question-5
The law of variable proportion states that as more and more units of variable factors is used, the ________________ of the variable factor initially increases and falls later.
(A)
marginal product
(B)
Average product
(C)
Total product
(D)
None of these
Question-6
________________ explained the laws of returns in terms of short-run behavior.
(A)
Adam Smith
(B)
Keynes
(C)
Marshall
(D)
Karal Marx
Question-7
The cost of production of the good depends on __________________
(A)
Production function
(B)
Prices of inputs
(C)
1 and 2
(D)
None of these
Question-8
When total product reaches its maximum, marginal products become ________________
(A)
Two
(B)
Unity
(C)
Zero
(D)
Infinity
Question-9
When marginal product curve intersects average product curve, average product reaches _______________ level
(A)
Minimum
(B)
maximum
(C)
In optimal
(D)
None of these
Question-10
_______________ shows the maximum level of output that can be produced with given level of inputs.
(A)
Cob-web theorem
(B)
Theory of production
(C)
H-O theorem
(D)
Production function
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Plus 2 Humanities
ICSE/ISC
Practice in Related Chapters
Micro Economic Theory
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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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