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Question-1
In short period there is no change in ________ factors.
(A)
Variable
(B)
Fixed
(C)
Human
(D)
Physical
Question-2
The law of diminishing returns assumes that
(A)
All inputs are changed by the same percentage
(B)
There is at least one fixed input
(C)
Additional inputs are added in smaller and smaller increments
(D)
All inputs are held constant
Question-3
Marginal product crosses the horizontal axis (is equal to zero) at the point where
(A)
Average product is maximized
(B)
Total product is maximized
(C)
Diminishing returns set in
(D)
Output per worker reaches a maximum
Question-4
The law of diminishing returns refers to diminishing
(A)
Total Returns
(B)
Marginal Returns
(C)
Average Returns
(D)
All the above
Question-5
In the _________ change in all factors of production is possible.
(A)
Short Period
(B)
Long Period
(C)
Intermediate Period
(D)
Market Period
Question-6
If marginal product goes on decreasing it should be understood that law of ________ is in operation.
(A)
Decreasing Cost
(B)
Increasing Cost
(C)
Constant Cost
(D)
Average Cost
Question-7
In case, law of constant return is applicable.
(A)
Marginal product will be more than average product
(B)
Marginal product will be lesser than average product
(C)
Marginal and average product will be equal
(D)
Total marginal and average product will be equal
Question-8
A production function assumes a given
(A)
Technology
(B)
Set of input prices
(C)
Ratio of input prices
(D)
Amount of capital and labour
Question-9
The total cost (TC) of producing computes software diskettes (Q) is given as TC = 200 + 5Q. What is the variable cost?
(A)
200
(B)
5Q
(C)
5
(D)
5 + (200/Q)
Question-10
The above formula is used to calculate
(A)
Total Product
(B)
Average Product
(C)
Marginal Product
(D)
Annual Product
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Plus 2 Commerce
CBSE
Practice in Related Chapters
Introduction-Micro Economics
Theory of consumer behaviour
National Income Accounting and Circular flow of Income (Macro)
Forms of Market and Price Determination(micro)
Cost, Revenue and Producers Equilibrium (Micro)
National Income Accounting
Open Economy Macroeconomics
Supply and Elasticity of Supply (Micro)
Money and Banking
Income Determination
Production and Cost
Market Equilibrium Under Perfect Competition(Micro)
The theory of the firm under perfect competition
Non Competitive Markets
Market Equillibrium
The Government: Functions and Scope
Introduction to Macro Economics
The Theory of Consumer Behaviour(Micro)
Theory of Demand (Micro)
Elasticity of Demand (Micro)
Production Function-Returns to a Factor(Micro)
The Theory of Consumer Behaviour (Micro)
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