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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

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 diminishing returns applies more in:
  • A. Industry
  • B. Agriculture
  • C. Mining
  • D. Construction
2 The law of variable proportions was presented by.
  • A. David Ricords
  • B. Alfred Marshall
  • C. W.J.L. Ryan
  • D. Pareto
3 When total product rises marginal product.
  • A. Remains the same
  • B. Falls
  • C. Also rises
  • D. None of the three
4 Which of the following is example of external economies of scale?
  • A. Discount on purchases of raw materials
  • B. Technical progress leads to development of machines at low price
  • C. Hiring of specialized staff due to increase in scale of production
  • D. A firm starts producing by products
5 Laws of return apply to firms working in
  • A. perfect competition
  • B. monopoly
  • C. small firm
  • D. all kinds of market situations
6 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
7 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
8 If in a production process, all inputs are increased by 10% and output increase by less than 10%, then it is called
  • A. economies of scale
  • B. diseconomies of scale
  • C. diminishing marginal returns
  • D. negative economies
9 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
10 When total product falls, marginal product is.
  • A. Zero
  • B. Positive
  • C. Negative
  • D. Falling

Top Scorers of Economics Ics Part 1 English Medium Chapter 11 Online Test

H

Hanif Wazir

Lahore31 - May - 2022

13/20
09 Mins 32 Sec

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