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Question-1
_______________ refers to the period of time over which the fixed factors cannot be changed.
(A)
Very short run
(B)
Short run
(C)
Long run
(D)
Very long run
Question-2
The first stage of increasing returns ends when average product reaches __________________
(A)
Zero
(B)
Minimum
(C)
Maximum
(D)
None of these
Question-3
Short run production function does not come under _________________
(A)
Law of variable proportions
(B)
Laws of returns
(C)
Increasing all the variable factors of production
(D)
None of these
Question-4
When marginal product curve lies below the average product curve, the average product curve slopes ______________ level.
(A)
Upwards
(B)
Downwards
(C)
parallel
(D)
None of these
Question-5
In case of increasing returns to scale, if all inputs are increased by 100 percent, output should increase by __________________
(A)
More than 100 percent
(B)
Less than 100 percent
(C)
100 percent
(D)
None of these
Question-6
____________ are those diseconomies which are experienced by a firm which increase its production beyond a point.
(A)
Internal diseconomies
(B)
External diseconomies
(C)
Constant diseconomies
(D)
Increasing diseconomies
Question-7
The relationship between input and output is known as __________________
(A)
Cob web theorem
(B)
Theory of production
(C)
H-O theorem
(D)
None of these
Question-8
Negative returns happens in production due to
(A)
Over crowding of factors
(B)
Managerial problems
(C)
1 and 2
(D)
None of these
Question-9
When total product began to decline, the marginal products become _______________
(A)
Positive
(B)
Negative
(C)
Zero
(D)
Infinity
Question-10
An increase in output in the short run by increasing the variable inputs is known as ________________
(A)
Variable inputs
(B)
Fixed inputs
(C)
Either 1 or 2
(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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