Smartindia Classroom
CONTENTS
English
Economics
History
Geography
Political Science
Sociology
Psychology
Computer Application
Back to home
Start Practice
Question-1
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-2
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
Question-3
Which of the following costs always decline as output increases?
(A)
Average Cost
(B)
Fixed Cost
(C)
Average fixed Cost
(D)
Average variable Cost
Question-4
In short period there is no change in ________ factors.
(A)
Variable
(B)
Fixed
(C)
Human
(D)
Physical
Question-5
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-6
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-7
Product obtained from the additional factor of production is termed as
(A)
Marginal Product
(B)
Total Product
(C)
Average Product
(D)
Annual Product
Question-8
In the _________ change in all factors of production is possible.
(A)
Short Period
(B)
Long Period
(C)
Intermediate Period
(D)
Market Period
Question-9
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-10
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
Your Score 0/10
Click
here
to see your answersheet and detailed track records.
Plus 2 Humanities
Kerala (English Medium)
Practice in Related Chapters
Forms of Market
National Income
Indian Economy 1950 - 1990
National Income Accounting
The Theory of Consumer Behaviour (Micro)
Elasticity of Demand (Micro)
Theory of Demand (Micro)
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)
Powered By
