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Question-1
Modern economies have propounded the law of
(A)
Increasing Return
(B)
Decreasing Return
(C)
Constant Return
(D)
Variable Proportions
Question-2
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-3
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-4
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-5
The above formula is used to calculate
(A)
Total Product
(B)
Average Product
(C)
Marginal Product
(D)
Annual Product
Question-6
Incremental cost is the same concept as ________ cost.
(A)
Average
(B)
Marginal
(C)
Fixed
(D)
Variable
Question-7
In short period there is no change in ________ factors.
(A)
Variable
(B)
Fixed
(C)
Human
(D)
Physical
Question-8
The law of diminishing returns refers to diminishing
(A)
Total Returns
(B)
Marginal Returns
(C)
Average Returns
(D)
All the above
Question-9
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-10
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
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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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