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

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ICS Part 1 Economics Chapter Wise 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

00:00
Question # 1

The concept of internal and external economics was given by.

Question # 2

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

Question # 3

The government constructed a new water reservoir for the purpose of irrigation; this might be taken as

Question # 4

An important factor which promotes large scale production is:

Question # 5

Commercial economics are a pat of:

Question # 6

When diseconomies of scale outweigh economies of scale the

Question # 7

Economics of scale are of two kinds

Question # 8

The slopes of average and marginal products curves are always zero under:

Question # 9

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

Question # 10

Economies of scale

Question # 11

The law of variable proportions was presented by.

Question # 12

The law of increasing returns is also known as:

Question # 13

When MP curve cuts AP curve, the AP is at its.

Question # 14

Which one is the small scale production.

Question # 15

The production function relates to

Question # 16

Economies and diseconomies of scale determine the shape of

Question # 17

In the second stage of the law of variable of proportions the average product:

Question # 18

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

Question # 19

When average product falls marginal product

Question # 20

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

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ICS Part 1 Economics Chapter 11 MCQs Test

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ICS Part 1 Economics Chapter 11 Important MCQ's

Sr.# Question Answer
1 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
2 Which of the following saying describes diminishing marginal returns in the short run?
A. When the cat is away, the mouse will play
B. Too many cooks spoil the broth
C. A rolling stone gathers no moss
D. A stitch in time saves nine
3 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
4 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
5 Laws of return apply to firms working in
A. perfect competition
B. monopoly
C. small firm
D. all kinds of market situations
6 Law of diminishing returns applies more in:
A. Industry
B. Agriculture
C. Mining
D. Construction
7 Internal economies of scale include
A. risk-bearing economics
B. trade mark
C. managerial economies
D. a and c of above
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 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
10 Marginal product indicates rate of change of
A. total product
B. average product
C. variable product
D. all of the above

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