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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
A production function do not explain __________________ relationship.
(A)
Physiological
(B)
Physical
(C)
Technological
(D)
Input output
Question-3
Change in the output in the short run is associated with change in __________________
(A)
Scale of production
(B)
Factor proportions
(C)
Returns to scale
(D)
None of these
Question-4
When the average product is falling it is _______________
(A)
Less than marginal product
(B)
Equal to the marginal product
(C)
More than the marginal product
(D)
none of these
Question-5
_________________ are the examples of external economies of scale.
(A)
Availability of cheaper inputs
(B)
Improved technology
(C)
Development of ancillary inductries
(D)
All of these
Question-6
The aim of production activity is to ________________
(A)
Earn profit
(B)
Create employment
(C)
Improve standard of living
(D)
None of these
Question-7
Short-run production is the subject matter of _______________
(A)
Law of variable proportions
(B)
Laws of returns
(C)
a or b
(D)
None of these
Question-8
Among the stages of production, the ________________ is not the most ideal stage of production.
(A)
First and three
(B)
First and second
(C)
Third and fourth
(D)
None of these
Question-9
When total product reaches its maximum, marginal products become ________________
(A)
Two
(B)
Unity
(C)
Zero
(D)
Infinity
Question-10
In the long run, firms ________________- to make adjustment in the production process.
(A)
Have sufficient time
(B)
Do not have sufficient time
(C)
Keep output constant
(D)
None of these
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Plus 2 Humanities
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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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