Scale Of Production and Laws of Returns Mcqs Test Preparation Online

Test Instructions

Scale Of Production and Laws of Returns Mcqs Test Preparation Online

1. Economies of scale are of two kinds:
A.
B.
C.
D.

2. Laws of return apply to firms working in:
A.
B.
C.
D.

3. Economies of scale:
A.
B.
C.
D.

4. 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.
B.
C.
D.

5. During short period, diminishing returns may follow because:
A.
B.
C.
D.

6. The maximum point on TP curve is at quantity of labour where:
A.
B.
C.
D.

7. 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.
B.
C.
D.

8. In law of diminishing returns at least one factor:
A.
B.
C.
D.

9. Negative returns in the short run imply that:
A.
B.
C.
D.

10. Which of the following is example of external economies of scale ?
A.
B.
C.
D.


 

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