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Question-1
In case of constant returns to a factor, the marginal product of the variable factor _______________
(A)
Increases as more of it is used
(B)
Remains constant
(C)
Falls as more of it is used
(D)
none of these
Question-2
Average product is otherwise known as _________________
(A)
Total products
(B)
Average physical products
(C)
Marginal physical products
(D)
None of these
Question-3
A production function explains in terms of __________________
(A)
Physical terms
(B)
Physiological units
(C)
Psychological units
(D)
None of these
Question-4
In the third stage, the total product _______________
(A)
Increase
(B)
Decrease
(C)
Remains constant
(D)
None of these
Question-5
_______________ is the total amount of commodities produced during a period combining a particular variable and fixed factors.
(A)
Marginal product
(B)
Average product
(C)
Total product
(D)
None of these
Question-6
When each additional units of a variable factor brings less addition to the total output is a case of ______________ returns to scale.
(A)
Increasing
(B)
Decreasing
(C)
Constant
(D)
None of these
Question-7
In the short run production function ________________ will be always the fixed factors
(A)
Labour
(B)
Capital
(C)
Organization
(D)
None of these
Question-8
If more variable factors are imposed on a fixed factor __________________ would be disturbed.
(A)
Fixed factor
(B)
Variable factor
(C)
Optimum factor combination
(D)
All of these
Question-9
Among the stages of production, the ________________ is not the most ideal stage of production.
(A)
First and three
(B)
First and second
(C)
Third and fourth
(D)
None of these
Question-10
When marginal product is equal to average product, average product should __________________
(A)
Fall
(B)
Rise
(C)
Remains constant
(D)
None of these
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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
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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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