| 1 |
The law of variable proportions was presented by. |
- A. David Ricords
- B. Alfred Marshall
- C. W.J.L. Ryan
- D. Pareto
|
| 2 |
Marginal product indicates rate of change of |
- A. total product
- B. average product
- C. variable product
- D. all of the above
|
| 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 |
In production of goods, negative returns in the short run imply that |
- A. average product is negative
- B. total product is negative
- C. marginal product is negative
- D. marginal cost is falling
|
| 5 |
Which one will determine scale of production . |
- A. Financial resources
- B. Production techniques
- C. Extant of the market
- D. All the above
|
| 6 |
The concept of internal and external economics was given by. |
- A. Adam Smith
- B. Robbins
- C. J.M.Keynes
- D. Alfred Marshall
|
| 7 |
When MP is zero, TP is |
- A. minimum
- B. maximum
- C. rising
- D. falling
|
| 8 |
When average product (AP) and marginal product (MP) are rising. |
- A. AP > MP
- B. AP = MP
- C. AP < MP
- D. AP = MP = 0
|
| 9 |
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
|
| 10 |
Internal economies of scale include |
- A. risk-bearing economics
- B. trade mark
- C. managerial economies
- D. a and c of above
|
