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This online test contains MCQs about following topics:
Large Scale production . Small scale . Economies of scale . Laws of returns . Law of variable proportions . Law of decreasing returns , Laws of cost . Total marginal average quantities
MCQ's Test For Chapter 11 "Economics Ics Part 1 English Medium Chapter 11 Online Test"
Try The MCQ's Test For Chapter 11 "Economics Ics Part 1 English Medium Chapter 11 Online Test"
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Total Questions20
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Time Allowed30
Economics Ics Part 1 English Medium Chapter 11 Online Test
00:00
Question # 1
An important factor which promotes large scale production is:
Question # 2
Marginal product curve intersects average product curve when AP curve is
Question # 3
When a firm using a fixed amount of land and capital takes on more workers, it finds that marginal product(MP) of labour falls but the average product(AP) of labour rises. This can be explained by the factors that
Question # 4
The production function relates to
Question # 5
Law of diminishing returns applies more in:
Question # 6
The maximum point of TP curve is at quantity of labour where
Question # 7
When average product falls marginal product
Question # 8
during short period, diminishing returns may follow because
Question # 9
Which one is the third stage of production under law of variable proportions
Question # 10
The concept of internal and external economics was given by.
Question # 11
When total product rises marginal product.
Question # 12
Marginal product indicates rate of change of
Question # 13
When business expands beyond its optimum level what type of economics will it be getting.
Question # 14
Which one is the small scale production.
Question # 15
Law of decreasing returns generates
Question # 16
Law of diminishing returns is a universal law as:
Question # 17
When total product (TP) reaches its maximum, Marginal product (MP) is_
Question # 18
Commercial economics are a pat of:
Question # 19
In the second stage of the law of variable of proportions the average product:
Question # 20
In production of goods, negative returns in the short run imply that
ICS Part 1 Economics Chapter 11 MCQs Test
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M Maheen 20 - Feb - 2021 05 Min 36 Sec 19/20 -
A Ali Hassan 10 - Sep - 2022 04 Min 52 Sec 17/20 -
K Kazim 27 - Dec - 2017 05 Min 23 Sec 17/20 -
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A Adil 04 - Jan - 2018 06 Min 32 Sec 14/20 -
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Z Zahra 06 - Jul - 2021 02 Min 01 Sec 13/20
ICS Part 1 Economics Chapter 11 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Internal economies of scale include |
A. risk-bearing economics
B. trade mark
C. managerial economies
D. a and c of above
|
| 2 | Economics of scale are of two kinds |
A. temporary and permanent
B. internal and external
C. managerial and industrial
D. natural and artificial
|
| 3 | Which of the following is example of external economies of scale? |
A. Discount on purchases of raw materials
B. Technical progress leads to development of machines at low price
C. Hiring of specialized staff due to increase in scale of production
D. A firm starts producing by products
|
| 4 | In law of diminishing returns at least one factor |
A. must be constant
B. must be owned by the firm
C. must be purchasable
D. must be efficient
|
| 5 | 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
|
| 6 | The government constructed a new water reservoir for the purpose of irrigation; this might be taken as |
A. increase in supply of capital
B. increase in supply of land
C. increase in supply of land and supply of capital
D. none of these
|
| 7 | The slopes of average and marginal products curves are always zero under: |
A. Law of increasing returns
B. Law of diminishing returns
C. Law of constant returns
D. Law of variable propoitions
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| 8 | The law of variable proportions was presented by. |
A. David Ricords
B. Alfred Marshall
C. W.J.L. Ryan
D. Pareto
|
| 9 | Law of diminishing returns is a universal law as: |
A. It does apply in all aspects of an economy.
B. Basically it applies in agriculture.
C. It is hard to check it.
D. It applies in industry as well
|
| 10 | Commercial economics are a pat of: |
A. Internal economics
B. External economics
C. Economies of scale
D. None of the three
|
Test Questions