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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
When total product falls, marginal product is.
Question # 2
Marginal product indicates rate of change of
Question # 3
Law of diminishing returns is a universal law as:
Question # 4
When MP curve cuts AP curve, the AP is at its.
Question # 5
Which one will determine scale of production .
Question # 6
Law of decreasing returns generates
Question # 7
In law of diminishing returns at least one factor
Question # 8
Which of the following is example of external economies of scale?
Question # 9
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
Question # 10
The law of variable proportions was presented by.
Question # 11
Commercial economics are a pat of:
Question # 12
The maximum point of TP curve is at quantity of labour where
Question # 13
Which one is the small scale production.
Question # 14
Economies and diseconomies of scale determine the shape of
Question # 15
The concept of internal and external economics was given by.
Question # 16
If in a production process, all inputs are increased by 10% and output increase by less than 10%, then it is called
Question # 17
In production of goods, negative returns in the short run imply that
Question # 18
Which of the following saying describes diminishing marginal returns in the short run?
Question # 19
When total product (TP) reaches its maximum, Marginal product (MP) is_
Question # 20
When business expands beyond its optimum level what type of economics will it be getting.
ICS Part 1 Economics Chapter 11 MCQs Test
Top Scorers Of Chapter 11 "Economics Ics Part 1 English Medium Chapter 11 Online Test" MCQ`s 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 -
K Kazim 27 - Dec - 2017 05 Min 23 Sec 17/20 -
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Z Zahra 06 - Jul - 2021 02 Min 01 Sec 13/20
ICS Part 1 Class Economics Chapter 11 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | Which one is the small scale production. |
A. Bata shoe factory
B. A barber shop
C. kohinoor Textile Industries
D. Sufi soap
|
| 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 | 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
|
| 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 | Law of diminishing returns applies more in: |
A. Industry
B. Agriculture
C. Mining
D. Construction
|
| 7 | 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
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| 8 | 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
|
| 9 | 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
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| 10 | When total product falls, marginal product is. |
A. Zero
B. Positive
C. Negative
D. Falling
|
Test Questions
