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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
Economies of scale
Question # 2
Law of diminishing returns applies more in:
Question # 3
during short period, diminishing returns may follow because
Question # 4
Marginal product indicates rate of change of
Question # 5
Which one is the third stage of production under law of variable proportions
Question # 6
If in a production process, all inputs are increased by 10% and output increase by less than 10%, then it is called
Question # 7
When diseconomies of scale outweigh economies of scale the
Question # 8
Marginal product curve intersects average product curve when AP curve is
Question # 9
Which one will determine scale of production .
Question # 10
The law of variable proportions was presented by.
Question # 11
Economics of scale are of two kinds
Question # 12
When average product falls marginal product
Question # 13
Laws of return apply to firms working in
Question # 14
Internal economies of scale include
Question # 15
Law of diminishing returns is a universal law as:
Question # 16
An important factor which promotes large scale production is:
Question # 17
When MP is zero, TP is
Question # 18
In production of goods, negative returns in the short run imply that
Question # 19
The government constructed a new water reservoir for the purpose of irrigation; this might be taken as
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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ICS Part 1 Class Economics Chapter 11 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | The production function relates to |
A. cost of output
B. cost of input
C. output to input
D. demand to output
|
| 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 | Marginal product curve intersects average product curve when AP curve is |
A. minimum
B. maximum
C. rising
D. falling
|
| 4 | 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
|
| 5 | The concept of internal and external economics was given by. |
A. Adam Smith
B. Robbins
C. J.M.Keynes
D. Alfred Marshall
|
| 6 | The law of variable proportions was presented by. |
A. Jevens
B. Rayon
C. Hicks
D. Valentine
|
| 7 | When MP is zero, TP is |
A. minimum
B. maximum
C. rising
D. falling
|
| 8 | When average product (AP) and marginal product (MP) are rising. |
A. AP > MP
B. AP = MP
C. AP < MP
D. AP = MP = 0
|
| 9 | When total product (TP) reaches its maximum, Marginal product (MP) is_ |
A. Zero
B. Positive
C. Negative
D. Rising
|
| 10 | When diseconomies of scale outweigh economies of scale the |
A. long run AC curve rises
B. marginal cost falls
C. long run ATC curve falls
D. AVC falls
|
Test Questions
