11th Chapter

ICS Part 1 Economics Chapter 11 MCQs Test

First Year Economics Chapter 11 Online MCQ Test for 1st Year Economics Chapter 11 (Scale of Production and Laws of Returns)

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

ICS Part 1 Economics Chapter 11 Test

Start Chapter 11 Test

First Year Economics Chapter 11 Online MCQ Test for 1st Year Economics Chapter 11 (Scale of Production and Laws of Returns)

Sr. # Questions Answers Choice
1 Law of decreasing returns generates
  • A. law of economic growth
  • B. law of increasing costs
  • C. law of variable costs
  • D. law of decreasing costs
2 When total product (TP) reaches its maximum, Marginal product (MP) is_
  • A. Zero
  • B. Positive
  • C. Negative
  • D. Rising
3 Law of diminishing returns applies more in:
  • A. Industry
  • B. Agriculture
  • C. Mining
  • D. Construction
4 In the second stage of the law of variable of proportions the average product:
  • A. Rises
  • B. Remains constant
  • C. Falls
  • D. None of the three
5 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
6 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
7 Which one is the small scale production.
  • A. Bata shoe factory
  • B. A barber shop
  • C. kohinoor Textile Industries
  • D. Sufi soap
8 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
9 When MP is zero, TP is
  • A. minimum
  • B. maximum
  • C. rising
  • D. falling
10 The concept of internal and external economics was given by.
  • A. Adam Smith
  • B. Robbins
  • C. J.M.Keynes
  • D. Alfred Marshall

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