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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
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Question # 1
Marginal product indicates rate of change of
Question # 2
Which one is the third stage of production under law of variable proportions
Question # 3
When average product (AP) and marginal product (MP) are rising.
Question # 4
Which of the following saying describes diminishing marginal returns in the short run?
Question # 5
In the second stage of the law of variable of proportions the average product:
Question # 6
Which one will determine scale of production .
Question # 7
The production function relates to
Question # 8
An important factor which promotes large scale production is:
Question # 9
The law of increasing returns is also known as:
Question # 10
The concept of internal and external economics was given by.
Question # 11
Marginal product curve intersects average product curve when AP curve is
Question # 12
Internal economies of scale include
Question # 13
If in a production process, all inputs are increased by 10% and output increase by less than 10%, then it is called
Question # 14
during short period, diminishing returns may follow because
Question # 15
The maximum point of TP curve is at quantity of labour where
Question # 16
Economies of scale
Question # 17
When average product falls marginal product
Question # 18
When total product falls, marginal product is.
Question # 19
Laws of return apply to firms working in
Question # 20
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
ICS Part 1 Economics Chapter 11 MCQs Test
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M Maheen 20 - Feb - 2021 05 Min 36 Sec 19/20 -
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ICS Part 1 Economics Chapter 11 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Commercial economics are a pat of: |
A. Internal economics
B. External economics
C. Economies of scale
D. None of the three
|
| 2 | The concept of internal and external economics was given by. |
A. Adam Smith
B. Robbins
C. J.M.Keynes
D. Alfred Marshall
|
| 3 | The law of variable proportions was presented by. |
A. David Ricords
B. Alfred Marshall
C. W.J.L. Ryan
D. Pareto
|
| 4 | The maximum point of TP curve is at quantity of labour where |
A. Average physical product of labour is equal to 1
B. MPP of labour is at its maximum
C. curves of APP and MPP of labour intersect
D. MPP of labour is zero
|
| 5 | 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
|
| 6 | 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
|
| 7 | When average product falls marginal product |
A. Rises
B. Also falls
C. Remain equal to average product
D. Does not change
|
| 8 | Economics of scale are of two kinds |
A. temporary and permanent
B. internal and external
C. managerial and industrial
D. natural and artificial
|
| 9 | 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
|
| 10 | The law of variable proportions was presented by. |
A. Jevens
B. Rayon
C. Hicks
D. Valentine
|
Test Questions
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