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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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

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Question # 1

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

Question # 2

Internal economies of scale include

Question # 3

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

Question # 4

Marginal product curve intersects average product curve when AP curve is

Question # 5

When total product rises marginal product.

Question # 6

The law of variable proportions was presented by.

Question # 7

Laws of return apply to firms working in

Question # 8

Economics of scale are of two kinds

Question # 9

Which one will determine scale of production .

Question # 10

In production of goods, negative returns in the short run imply that

Question # 11

The law of variable proportions was presented by.

Question # 12

Law of diminishing returns applies more in:

Question # 13

Law of diminishing returns is a universal law as:

Question # 14

Economies and diseconomies of scale determine the shape of

Question # 15

When average product (AP) and marginal product (MP) are rising.

Question # 16

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

Question # 17

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

Question # 18

during short period, diminishing returns may follow because

Question # 19

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

Question # 20

Which one is the third stage of production under law of variable proportions

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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 Which one is the small scale production.
A. Bata shoe factory
B. A barber shop
C. kohinoor Textile Industries
D. Sufi soap
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 Marginal product indicates rate of change of
A. total product
B. average product
C. variable product
D. all of the above
4 Economies and diseconomies of scale determine the shape of
A. long run AC curve
B. short run AC
C. average fixed cost
D. none of the above
5 When diseconomies of scale outweigh economies of scale the
A. long run AC curve rises
B. marginal cost falls
C. long run ATC curve falls
D. AVC falls
6 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
7 When average product (AP) and marginal product (MP) are rising.
A. AP > MP
B. AP = MP
C. AP < MP
D. AP = MP = 0
8 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
9 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
10 Economies of scale
A. occur when increase in input less than proportionate increase in output
B. suggest that firm's marginal cost curve lies above its average cost curve
C. suggest that the firm's marginal cost curve is declining
D. occur when average cost is falling

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