11th Grade > Economics - 1
PRODUCER BEHAVIOUR MCQs
Total Questions : 29
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Answer: Option A. -> to become steeper and the optimal quantity of labor will decrease
:
A
If isoquants are plotted on a graph with capital measured on the vertical axis and labor on the horizontal axis, then an increase in the wage rate will cause the isocost lineto become steeper and the optimal quantity of labor will decrease.
:
A
If isoquants are plotted on a graph with capital measured on the vertical axis and labor on the horizontal axis, then an increase in the wage rate will cause the isocost lineto become steeper and the optimal quantity of labor will decrease.
Answer: Option C. -> export goods that are produced using a lot of labor
:
C
A country that has an abundance of cheap labor will tend toexport goods that are produced using a lot of labor.
:
C
A country that has an abundance of cheap labor will tend toexport goods that are produced using a lot of labor.
Answer: Option D. -> All of the above are correct
:
D
All the options are correct.
:
D
All the options are correct.
Answer: Option A. -> further from the origin represents greater output
:
A
An isoquant that isfurther from the origin represents greater output.
:
A
An isoquant that isfurther from the origin represents greater output.
Answer: Option A. -> True
:
A
True.MP curve is an inverted U-shaped curve.
:
A
True.MP curve is an inverted U-shaped curve.
Answer: Option B. -> False
:
B
Fixed factors or production are fixed in the short run. In the long run, all factors are variable.
:
B
Fixed factors or production are fixed in the short run. In the long run, all factors are variable.
Answer: Option A. -> True
:
A
True.Factors of production are imperfect substitutes of each other. More and more of labour cannot be continuously used in place of capital. Accordingly, diminishing returns are bound to set in if only the variable factor is increased to increase output.
:
A
True.Factors of production are imperfect substitutes of each other. More and more of labour cannot be continuously used in place of capital. Accordingly, diminishing returns are bound to set in if only the variable factor is increased to increase output.
Answer: Option B. -> Marginal product is maximum
:
B
Point of inflexionis the point where the slope of the TP curve reaches the maximum and starts decreasing. At this point, MP is maximum.
:
B
Point of inflexionis the point where the slope of the TP curve reaches the maximum and starts decreasing. At this point, MP is maximum.
Answer: Option B. -> Production
:
B
Standard of living of a country can be raised if it increases production.
:
B
Standard of living of a country can be raised if it increases production.
Answer: Option D. -> (a) and (c) of above
:
D
Economic development of a country requires skilled labour and abundant natural resources.
:
D
Economic development of a country requires skilled labour and abundant natural resources.