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Question-1
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-2
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-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
Product obtained from the additional factor of production is termed as
(A)
Marginal Product
(B)
Total Product
(C)
Average Product
(D)
Annual Product
Question-5
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-6
Incremental cost is the same concept as ________ cost.
(A)
Average
(B)
Marginal
(C)
Fixed
(D)
Variable
Question-7
The above formula is used to calculate
(A)
Total Product
(B)
Average Product
(C)
Marginal Product
(D)
Annual Product
Question-8
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-9
The law of diminishing returns refers to diminishing
(A)
Total Returns
(B)
Marginal Returns
(C)
Average Returns
(D)
All the above
Question-10
Which of the following costs always decline as output increases?
(A)
Average Cost
(B)
Fixed Cost
(C)
Average fixed Cost
(D)
Average variable Cost
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Plus 2 Humanities
Kerala (English Medium)
Practice in Related Chapters
Forms of Market
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Market Equilibrium Under Perfect Competition (Micro)
Production Function-Returns to a factor(Micro)
Supply and Elasticity of Supply
Cost Revenue and Producers Equilibrium
Forms of Market
National Income Accounting and Circular flow of Income (Macro)
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