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Economics
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Question-1
Production has been defined as ________________
(A)
Utility creation
(B)
Providing services
(C)
Agricultural operations
(D)
All of these
Question-2
A production function is expressed with reference to __________________
(A)
Output
(B)
Time
(C)
Input to output
(D)
All of these
Question-3
_________________ are the examples of external economies of scale.
(A)
Availability of cheaper inputs
(B)
Improved technology
(C)
Development of ancillary inductries
(D)
All of these
Question-4
In the third stage, the total product _______________
(A)
Increase
(B)
Decrease
(C)
Remains constant
(D)
None of these
Question-5
In case of increasing returns to a factor, the marginal product of a factor _________________
(A)
Increases as more of it is used
(B)
Remain constant
(C)
Falls as more of it is used
(D)
none of these
Question-6
Economic efficiency is _____________
(A)
Same as technical efficiency
(B)
Achieved maximum output with minimum inputs
(C)
An engineering problem other inputs used
(D)
None of these
Question-7
When marginal product curve lies above average product curve, average product curve should have ________________ slope.
(A)
Positive
(B)
Negative
(C)
Curvilinear
(D)
None of these
Question-8
In the short run production function ________________ will be always the fixed factors
(A)
Labour
(B)
Capital
(C)
Organization
(D)
None of these
Question-9
We can derive total product from marginal products by ___________________
(A)
Multiplying marginal products
(B)
Adding marginal products
(C)
Dividing products
(D)
None of these
Question-10
When scale of production increases, the efficiency of the labour goes up due to ______________
(A)
Division of labour
(B)
Specialization
(C)
1 and 2
(D)
None of these
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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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