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Question-1
Incremental cost is the same concept as ________ cost.
(A)
Average
(B)
Marginal
(C)
Fixed
(D)
Variable
Question-2
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-3
In the _________ change in all factors of production is possible.
(A)
Short Period
(B)
Long Period
(C)
Intermediate Period
(D)
Market Period
Question-4
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-5
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-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
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-8
Modern economies have propounded the law of
(A)
Increasing Return
(B)
Decreasing Return
(C)
Constant Return
(D)
Variable Proportions
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
In case, law of constant return is applicable.
(A)
Marginal product will be more than average product
(B)
Marginal product will be lesser than average product
(C)
Marginal and average product will be equal
(D)
Total marginal and average product will be equal
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Plus 2 Humanities
Kerala (English Medium)
Practice in Related Chapters
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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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