11th Grade > Economics - 1
PRODUCER BEHAVIOUR MCQs
Total Questions : 29
| Page 2 of 3 pages
Answer: Option A. -> No
:
A
No. Rise in output of food grain in India is owing to the use of new technology (related to HYV seeds). When there is an improvement in technology, the occurence of the law of diminishing returns is deferred for some time. It does not mean that the law of diminishing returns has failed. It only postponement of law. The law is bound to set-in again once the effect of new technology is exhausted.
:
A
No. Rise in output of food grain in India is owing to the use of new technology (related to HYV seeds). When there is an improvement in technology, the occurence of the law of diminishing returns is deferred for some time. It does not mean that the law of diminishing returns has failed. It only postponement of law. The law is bound to set-in again once the effect of new technology is exhausted.
Answer: Option D. -> All of the above are correct.
:
D
All options are correct.
:
D
All options are correct.
Answer: Option C. -> expansion path
:
C
A line that connects all points where the marginal rate of technical substitution is equal to the ratio of input prices is called theexpansion path.
:
C
A line that connects all points where the marginal rate of technical substitution is equal to the ratio of input prices is called theexpansion path.
Answer: Option D. -> None of the above is correct
:
D
Cost of hiring one additional unit of labour = Rs 3
Revenue from hiring an additional unit of labour
= MP of labour x price = Rs 3
Cost of renting oneadditional unit of capital = Rs 6
Revenue from renting an additional unit of capital
= MP of capital x price = Rs 6
Hence, there is no benefit in increasing labour or capital.
:
D
Cost of hiring one additional unit of labour = Rs 3
Revenue from hiring an additional unit of labour
= MP of labour x price = Rs 3
Cost of renting oneadditional unit of capital = Rs 6
Revenue from renting an additional unit of capital
= MP of capital x price = Rs 6
Hence, there is no benefit in increasing labour or capital.
Answer: Option D. -> Entrepreneur
:
D
All factors except enterpreneur can be hired.
:
D
All factors except enterpreneur can be hired.
Answer: Option A. -> Short run
:
A
In the short run, there are both fixed and variable factors.
:
A
In the short run, there are both fixed and variable factors.
Answer: Option B. -> Long run
:
B
In the long run, all factors are variable.
:
B
In the long run, all factors are variable.
Answer: Option A. -> Fixed
:
A
The short run is defined in terms of fixed factors i.e. factors which can't be changed immediately.
:
A
The short run is defined in terms of fixed factors i.e. factors which can't be changed immediately.
Answer: Option A. -> True
:
A
The statement is true. It measures the returns in terms of increased output when one additional unit of a factor is used, keeping all other factors constant.
:
A
The statement is true. It measures the returns in terms of increased output when one additional unit of a factor is used, keeping all other factors constant.
Answer: Option A. -> True
:
A
True.Productivity measures the ratio of total output to a weighted average of inputs.Economists typically look at two measures of productivity: labor productivity, which calculates the amount of output per unit of labor, and total factor productivity, which measures output per unit of total inputs (typically of capital and labor).
:
A
True.Productivity measures the ratio of total output to a weighted average of inputs.Economists typically look at two measures of productivity: labor productivity, which calculates the amount of output per unit of labor, and total factor productivity, which measures output per unit of total inputs (typically of capital and labor).
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