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Question-1
If marginal product is decreasing total product will increase at the _________ rate.
(A)
Same
(B)
Increasing
(C)
Decreasing
(D)
Normal
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
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
Product obtained from the additional factor of production is termed as
(A)
Marginal Product
(B)
Total Product
(C)
Average Product
(D)
Annual Product
Question-5
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-6
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-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
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-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)
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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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