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Question-1
We can derive product from average products by _______________ with the units of the variable factor
(A)
Multiple average products
(B)
Adding average products
(C)
Dividing average products
(D)
None of these
Question-2
Total product is otherwise known as _________________
(A)
Marginal product
(B)
Total physical products
(C)
Average products
(D)
None of these
Question-3
When scale of production increases, the efficiency of the labour goes up due to ______________
(A)
Division of labour
(B)
Specialization
(C)
1 and 2
(D)
None of these
Question-4
Production process does not involve __________________
(A)
Use of various inputs
(B)
Use inputs in the production process
(C)
Generate output
(D)
Export of goods
Question-5
Increasing returns to scale occurs due to ________________
(A)
Indivisibility of factors
(B)
Specialization
(C)
1 and 2
(D)
None of these
Question-6
Fixed factors are normally ________________
(A)
Divisible
(B)
Indivisible
(C)
Constant
(D)
none of these
Question-7
When marginal product curve lies above average product curve, average product curve should have ________________ slope.
(A)
Positive
(B)
Negative
(C)
Curvilinear
(D)
None of these
Question-8
If increase in output is smaller than proportionate increase in the quantity of all inputs, returns to scale are said to be ______________
(A)
Increasing returns to scale
(B)
Constant returns to scale
(C)
Diminishing returns to scale
(D)
None of these
Question-9
Throughout the second stage, the marginal product continues to _________________
(A)
Decrease
(B)
Increase
(C)
Remains constant
(D)
None of these
Question-10
Output is a function of various inputs such as __________________
(A)
Land
(B)
Labour
(C)
Capital
(D)
All of these
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Plus 2 Humanities
ICSE/ISC
Practice in Related Chapters
Micro Economic Theory
Theory of Consumer Behavior; Marginal Utility and Indifference Curve Analysis
Law of Supply and Price Elasticity of Supply
Laws of Returns - Returns to a Factor and Returns to Scale
Demand and Law of Demand
Elasticity of Demand
Cost and Revenue Analysis
FORMS OF MARKET
EQUILIBRIUM OF FIRM
Determination of Equilibrium Price and Output Under Perfect Competition Monopoly and Monopolistic
Equilibrium Price: Market Price
Nature of Goods and Services Produced
National Income Aggregates
INTERNATIONAL TRADE; NEED AND BASIS
Balance of Payments
Theory of Distribution: Marginal Productivity Theory and Determination of Wages
Public Expenditure
PUBLIC DEBT
Fiscal Policy and Deficit Financing
The Theory of Distribution: Rent, Interest and Profit
National Income and Circular Flow of Income
Measurement of National Income
- GOVERNMENT BUDGET
PUBLIC FINANCE;TAXATION
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