| 1 |
When MP is zero, TP is |
- A. minimum
- B. maximum
- C. rising
- D. falling
|
| 2 |
Which one will determine scale of production . |
- A. Financial resources
- B. Production techniques
- C. Extant of the market
- D. All the above
|
| 3 |
In production of goods, negative returns in the short run imply that |
- A. average product is negative
- B. total product is negative
- C. marginal product is negative
- D. marginal cost is falling
|
| 4 |
Marginal product curve intersects average product curve when AP curve is |
- A. minimum
- B. maximum
- C. rising
- D. falling
|
| 5 |
Laws of return apply to firms working in |
- A. perfect competition
- B. monopoly
- C. small firm
- D. all kinds of market situations
|
| 6 |
The law of variable proportions was presented by. |
- A. Jevens
- B. Rayon
- C. Hicks
- D. Valentine
|
| 7 |
during short period, diminishing returns may follow because |
- A. quantity of labour is fixed
- B. quality of labour is fixed
- C. quantity of capital is fixed
- D. quantity of any one factor is fixed
|
| 8 |
When total product rises marginal product. |
- A. Remains the same
- B. Falls
- C. Also rises
- D. None of the three
|
| 9 |
When business expands beyond its optimum level what type of economics will it be getting. |
- A. Diseconomies
- B. Internal economies
- C. External economies
- D. Maanagerial economics
|
| 10 |
The law of increasing returns is also known as: |
- A. Law of increasing cost
- B. Law of diminishing cost
- C. Law of constant cost
- D. None of the three
|
