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Question-1
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-2
Marginal product crosses the horizontal axis (is equal to zero) at the point where
(A)
Average product is maximized
(B)
Total product is maximized
(C)
Diminishing returns set in
(D)
Output per worker reaches a maximum
Question-3
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-4
Modern economies have propounded the law of
(A)
Increasing Return
(B)
Decreasing Return
(C)
Constant Return
(D)
Variable Proportions
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
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-7
The above formula is used to calculate
(A)
Total Product
(B)
Average Product
(C)
Marginal Product
(D)
Annual Product
Question-8
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-9
In short period there is no change in ________ factors.
(A)
Variable
(B)
Fixed
(C)
Human
(D)
Physical
Question-10
If marginal product is decreasing total product will increase at the _________ rate.
(A)
Same
(B)
Increasing
(C)
Decreasing
(D)
Normal
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Plus 2 Humanities
Kerala (English Medium)
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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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