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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  • Total Questions20

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Economics Ics Part 1 English Medium Chapter 11 Online Test

00:00
Question # 1

Law of diminishing returns is a universal law as:

Question # 2

Internal economies of scale include

Question # 3

Economies and diseconomies of scale determine the shape of

Question # 4

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

Question # 5

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

Question # 6

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

Question # 7

When total product rises marginal product.

Question # 8

Marginal product indicates rate of change of

Question # 9

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

Question # 10

Law of diminishing returns applies more in:

Question # 11

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 # 12

Which one will determine scale of production .

Question # 13

Law of decreasing returns generates

Question # 14

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

Question # 15

The law of variable proportions was presented by.

Question # 16

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

Question # 17

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

Question # 18

Laws of return apply to firms working in

Question # 19

In law of diminishing returns at least one factor

Question # 20

Economics of scale are of two kinds

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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 slopes of average and marginal products curves are always zero under:
A. Law of increasing returns
B. Law of diminishing returns
C. Law of constant returns
D. Law of variable propoitions
2 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
3 When average product falls marginal product
A. Rises
B. Also falls
C. Remain equal to average product
D. Does not change
4 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
5 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
6 Law of diminishing returns applies more in:
A. Industry
B. Agriculture
C. Mining
D. Construction
7 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
8 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
9 The production function relates to
A. cost of output
B. cost of input
C. output to input
D. demand to output
10 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

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