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Question-1
The law of diminishing returns refers to diminishing
(A)
Total Returns
(B)
Marginal Returns
(C)
Average Returns
(D)
All the above
Question-2
According to the law of diminishing returns
(A)
The total product of an input will eventually be negative
(B)
The total product of an input will eventually decline
(C)
The marginal product of an input will eventually be negative
(D)
The marginal product of an input will eventually decline
Question-3
In the _________ change in all factors of production is possible.
(A)
Short Period
(B)
Long Period
(C)
Intermediate Period
(D)
Market Period
Question-4
The slope of the total product curve is the
(A)
Average Product
(B)
Slope of a line from the origin to the point
(C)
Marginal Product
(D)
Marginal rate of technical substitution
Question-5
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-6
Modern economies have propounded the law of
(A)
Increasing Return
(B)
Decreasing Return
(C)
Constant Return
(D)
Variable Proportions
Question-7
If marginal product goes on increasing, it should be understood that law of _________ is applying.
(A)
Increasing Return
(B)
Decreasing Return
(C)
Constant Return
(D)
Diminishing Return
Question-8
The law of diminishing returns applies to
(A)
The long run only
(B)
The short run only
(C)
Both the short and the long run
(D)
Neither the short nor the long run
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
Incremental cost is the same concept as ________ cost.
(A)
Average
(B)
Marginal
(C)
Fixed
(D)
Variable
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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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