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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
In short period there is no change in ________ factors.
(A)
Variable
(B)
Fixed
(C)
Human
(D)
Physical
Question-3
A production function assumes a given
(A)
Technology
(B)
Set of input prices
(C)
Ratio of input prices
(D)
Amount of capital and labour
Question-4
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-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
In the _________ change in all factors of production is possible.
(A)
Short Period
(B)
Long Period
(C)
Intermediate Period
(D)
Market Period
Question-7
The law of diminishing returns refers to diminishing
(A)
Total Returns
(B)
Marginal Returns
(C)
Average Returns
(D)
All the above
Question-8
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-9
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-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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