Economics Ics Part 1 English Medium Chapter 11 Online Test

MCQ's Test For Chapter 11 "Economics Ics Part 1 English Medium Chapter 11 Online Test"

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Economics Ics Part 1 English Medium Chapter 11 Online Test

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Question # 1

The law of increasing returns is also known as:

Question # 2

When diseconomies of scale outweigh economies of scale the

Question # 3

An important factor which promotes large scale production is:

Question # 4

Marginal product indicates rate of change of

Question # 5

When total product rises marginal product.

Question # 6

Which of the following saying describes diminishing marginal returns in the short run?

Question # 7

Marginal product curve intersects average product curve when AP curve is

Question # 8

Commercial economics are a pat of:

Question # 9

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 # 10

Which one will determine scale of production .

Question # 11

Which of the following is example of external economies of scale?

Question # 12

Which one is the third stage of production under law of variable proportions

Question # 13

Law of diminishing returns applies more in:

Question # 14

Economies and diseconomies of scale determine the shape of

Question # 15

Law of decreasing returns generates

Question # 16

The production function relates to

Question # 17

Law of diminishing returns is a universal law as:

Question # 18

Which one is the small scale production.

Question # 19

The maximum point of TP curve is at quantity of labour where

Question # 20

When total product (TP) reaches its maximum, Marginal product (MP) is_

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ICS Part 1 Economics Chapter 11 Important MCQ's

Sr.# Question Answer
1 When MP curve cuts AP curve, the AP is at its.
A. Lowest point
B. Highest point
C. Neither of the two
D. Eighter of the two
2 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
3 Which one is the third stage of production under law of variable proportions
A. Decreasing average returns
B. Increasing average return
C. Negative marginal return
D. Increasing marginal return
4 When average product (AP) and marginal product (MP) are rising.
A. AP > MP
B. AP = MP
C. AP < MP
D. AP = MP = 0
5 Marginal product indicates rate of change of
A. total product
B. average product
C. variable product
D. all of the above
6 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
7 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
8 When total product rises marginal product.
A. Remains the same
B. Falls
C. Also rises
D. None of the three
9 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
10 Laws of return apply to firms working in
A. perfect competition
B. monopoly
C. small firm
D. all kinds of market situations

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