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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
Which of the following saying describes diminishing marginal returns in the short run?
Question # 2
Marginal product curve intersects average product curve when AP curve is
Question # 3
Law of decreasing returns generates
Question # 4
Economies and diseconomies of scale determine the shape of
Question # 5
When business expands beyond its optimum level what type of economics will it be getting.
Question # 6
The production function relates to
Question # 7
When average product falls marginal product
Question # 8
When MP is zero, TP is
Question # 9
Commercial economics are a pat of:
Question # 10
When MP curve cuts AP curve, the AP is at its.
Question # 11
Law of diminishing returns is a universal law as:
Question # 12
The maximum point of TP curve is at quantity of labour where
Question # 13
during short period, diminishing returns may follow because
Question # 14
In the second stage of the law of variable of proportions the average product:
Question # 15
In production of goods, negative returns in the short run imply that
Question # 16
When total product rises marginal product.
Question # 17
The law of variable proportions was presented by.
Question # 18
The government constructed a new water reservoir for the purpose of irrigation; this might be taken as
Question # 19
When average product (AP) and marginal product (MP) are rising.
Question # 20
If in a production process, all inputs are increased by 10% and output increase by less than 10%, then it is called
ICS Part 1 Economics Chapter 11 MCQs Test
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| Sr.# | Question | Answer |
|---|---|---|
| 1 | Law of diminishing returns applies more in: |
A. Industry
B. Agriculture
C. Mining
D. Construction
|
| 2 | Which one will determine scale of production . |
A. Financial resources
B. Production techniques
C. Extant of the market
D. All the above
|
| 3 | 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
|
| 4 | The law of variable proportions was presented by. |
A. David Ricords
B. Alfred Marshall
C. W.J.L. Ryan
D. Pareto
|
| 5 | When total product falls, marginal product is. |
A. Zero
B. Positive
C. Negative
D. Falling
|
| 6 | 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
|
| 7 | 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
|
| 8 | The concept of internal and external economics was given by. |
A. Adam Smith
B. Robbins
C. J.M.Keynes
D. Alfred Marshall
|
| 9 | When average product (AP) and marginal product (MP) are rising. |
A. AP > MP
B. AP = MP
C. AP < MP
D. AP = MP = 0
|
| 10 | Economics of scale are of two kinds |
A. temporary and permanent
B. internal and external
C. managerial and industrial
D. natural and artificial
|
| 11 | Commercial economics are a pat of: |
A. Internal economics
B. External economics
C. Economies of scale
D. None of the three
|
| 12 | Marginal product curve intersects average product curve when AP curve is |
A. minimum
B. maximum
C. rising
D. falling
|
| 13 | When average product falls marginal product |
A. Rises
B. Also falls
C. Remain equal to average product
D. Does not change
|
| 14 | When total product (TP) reaches its maximum, Marginal product (MP) is_ |
A. Zero
B. Positive
C. Negative
D. Rising
|
| 15 | Laws of return apply to firms working in |
A. perfect competition
B. monopoly
C. small firm
D. all kinds of market situations
|
| 16 | Marginal product indicates rate of change of |
A. total product
B. average product
C. variable product
D. all of the above
|
| 17 | 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
|
| 18 | The law of variable proportions was presented by. |
A. Jevens
B. Rayon
C. Hicks
D. Valentine
|
| 19 | 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 |
A. MP of labour is grater than AP of labour
B. additional workers are more efficient
C. MP and AP are equal
D. AP is maximum
|
| 20 | An important factor which promotes large scale production is: |
A. Extant of market
B. Revolutionary changes in social life
C. Culture and civilization
D. All the three
|
Test Questions
