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Question-1
The optimum output is the one which is produced by _________________ firm.
(A)
Optimum firm
(B)
maximum average cost firm
(C)
Minimum average cost firm
(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
When the firm increases all the factors of production, initially it will experience _________________ returns to scale.
(A)
Inceasing
(B)
Constant
(C)
Diminishing
(D)
None of these
Question-4
________________ are those economies which arise from the expansion of plant size of the firm.
(A)
Internal economies of scale
(B)
External economies of scale
(C)
Constant returns to scale
(D)
Increasing returns to scale
Question-5
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-6
The main assumption of law of diminishing returns is that _________________
(A)
Factors of production are productive
(B)
Factors are variable
(C)
Other factors are variable
(D)
Factors are fixed
Question-7
When marginal product is equal to average product, average product should __________________
(A)
Fall
(B)
Rise
(C)
Remains constant
(D)
None of these
Question-8
__________________ 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-9
In the case of diminishing returns to a factor, the marginal product of the factor _________________
(A)
Increase as moe of it is used
(B)
Remains constant
(C)
Fall as more it is used
(D)
none of these
Question-10
If increase on output is in the same proportion as 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
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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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