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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
Which of the following saying describes diminishing marginal returns in the short run?
Question # 2
during short period, diminishing returns may follow because
Question # 3
The law of variable proportions was presented by.
Question # 4
If in a production process, all inputs are increased by 10% and output increase by less than 10%, then it is called
Question # 5
Marginal product indicates rate of change of
Question # 6
When total product rises marginal product.
Question # 7
The law of increasing returns is also known as:
Question # 8
Marginal product curve intersects average product curve when AP curve is
Question # 9
Internal economies of scale include
Question # 10
When average product (AP) and marginal product (MP) are rising.
Question # 11
In the second stage of the law of variable of proportions the average product:
Question # 12
The law of variable proportions was presented by.
Question # 13
When total product falls, marginal product is.
Question # 14
Economies of scale
Question # 15
The government constructed a new water reservoir for the purpose of irrigation; this might be taken as
Question # 16
Economies and diseconomies of scale determine the shape of
Question # 17
When MP curve cuts AP curve, the AP is at its.
Question # 18
The concept of internal and external economics was given by.
Question # 19
In law of diminishing returns at least one factor
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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M Maheen 20 - Feb - 2021 05 Min 36 Sec 19/20 -
A Ali Hassan 10 - Sep - 2022 04 Min 52 Sec 17/20 -
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ICS Part 1 Economics Chapter 11 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Laws of return apply to firms working in |
A. perfect competition
B. monopoly
C. small firm
D. all kinds of market situations
|
| 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 | 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 | Which one is the small scale production. |
A. Bata shoe factory
B. A barber shop
C. kohinoor Textile Industries
D. Sufi soap
|
| 5 | Commercial economics are a pat of: |
A. Internal economics
B. External economics
C. Economies of scale
D. None of the three
|
| 6 | Which one is the third stage of production under law of variable proportions |
A. Decreasing average returns
B. Increasing average return
C. Negative marginal return
D. Increasing marginal return
|
| 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 | 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
|
| 9 | The law of variable proportions was presented by. |
A. Jevens
B. Rayon
C. Hicks
D. Valentine
|
| 10 | Economics of scale are of two kinds |
A. temporary and permanent
B. internal and external
C. managerial and industrial
D. natural and artificial
|
Test Questions
