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Question-1
Incremental cost is the same concept as ________ cost.
(A)
Average
(B)
Marginal
(C)
Fixed
(D)
Variable
Question-2
The law of diminishing returns refers to diminishing
(A)
Total Returns
(B)
Marginal Returns
(C)
Average Returns
(D)
All the above
Question-3
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-4
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-5
Modern economies have propounded the law of
(A)
Increasing Return
(B)
Decreasing Return
(C)
Constant Return
(D)
Variable Proportions
Question-6
If marginal product is decreasing total product will increase at the _________ rate.
(A)
Same
(B)
Increasing
(C)
Decreasing
(D)
Normal
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
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-9
In the _________ change in all factors of production is possible.
(A)
Short Period
(B)
Long Period
(C)
Intermediate Period
(D)
Market Period
Question-10
A function that indicates the maximum output per unit of time that a firm can produce for every combination of inputs with a given technology is called
(A)
An isoquant
(B)
A production possibility curve
(C)
A production function
(D)
An isocost function
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Plus 2 Commerce
Kerala (English Medium)
Practice in Related Chapters
INTRODUCTION TO MICROECONOMICS - THEORY
CONSUMER BEHAVIOUR AND DEMAND
THEORY OF CONSUMER BEHAVIOUR
INTRODUCTION TO MACRO ECONOMICS
Money and Banking
The Theory of Consumer Behaviour (Micro)
Market Equilibrium Under Perfect Competition (Micro)
Elasticity of Demand (Micro)
Theory of Demand (Micro)
Introduction to Micro Economics
Production Function-Returns to a Factor(Micro)
Supply and Elasticity of Supply (Micro)
Cost, Revenue and Producer's Equilibrium(Micro)
Forms of Market (Micro)
The Theory of the firm Under Perfect Competition
Aggreggate Demand and Aggregate Supply
National Income Accounting and Circular flow of Income (Macro)
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