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MCQs

Total Questions : 60 | Page 2 of 6 pages
Question 11.

 Read the following statement given below and choose the correct alternative

Statement 1- Input refers to the volume of goods produced by a firm or an industry During a specific period.

Statement 2- Total product is the total quantity of goods produced by a firm in a given period with given inputs

  1.    Both are correct
  2.    Both are incorrect
  3.    Statement 1 is correct and statement 2 is incorrect
  4.    Statement 1 is incorrect and statement 2 is correct
 Discuss Question
Answer: Option D. -> Statement 1 is incorrect and statement 2 is correct


Question 12.

Read the following statement given below and choose the correct alternative.

Statement 1- Output per unit of a variable input is termed as an average product.

Statement 2- Average product is also known as an average return.

  1.    Both are correct
  2.    Both are incorrect
  3.    Statement 1 is correct and statement 2 is incorrect
  4.    Statement 1 is incorrect and statement 2 is correct
 Discuss Question
Answer: Option A. -> Both are correct


Question 13.

Read the following statement given below and choose the correct alternative.

Statement 1- Addition to total product when more units of the variable factor are employed is known as Average product.

Statement 2- MP= TP-TP1

  1.    Both are correct
  2.    Both are incorrect
  3.    Statement 1 is correct and statement 2 is incorrect
  4.    Statement 1 is incorrect and statement 2 is correct
 Discuss Question
Answer: Option B. -> Both are incorrect


Question 14. ______ refers to the increase in the total product when only one factor is increased.
  1.    Production factor
  2.    Returns to a factor
  3.    Returns to a factor
  4.    Law of Diminishing returns
 Discuss Question
Answer: Option B. -> Returns to a factor


Question 15. Law of variable proportions is also known as;
  1.    Law of returns
  2.    Law of returns
  3.    Returns to variable factors
  4.    All of the above
 Discuss Question
Answer: Option D. -> All of the above


Question 16.

Read the following statement given below and choose the correct alternative.

Assertion- In the first phase of the law of variable proportions, TP rises at an increasing rate and MP increases.

Reason- In the third phase of the law of variable proportions, TP falls and MP becomes negative.

  1.    Both Assertion and Reason are true. The reason is the correct explanation of the assertion
  2.    Both Assertion and reason are not true. The reason is not the correct explanation of the assertion
  3.    The assertion is true but the reason is not
  4.    The reason is true but the assertion is not
 Discuss Question
Answer: Option B. -> Both Assertion and reason are not true. The reason is not the correct explanation of the assertion


Question 17.

Read the following statement given below and choose the correct alternative.

Assertion- Phase one of the Law of variable proportions is known as increasing returns to a factor.

Reason- Phase two of the Law of variable proportions is known as increasing returns to a factor.

  1.    Both Assertion and Reason are true. The reason is the correct explanation of the assertion
  2.    Both Assertion and reason are not true. The reason is not the correct explanation of the assertion
  3.    The assertion is true but the reason is not
  4.    The reason is true but the assertion is not
 Discuss Question
Answer: Option C. -> The assertion is true but the reason is not


Question 18. Which of the following are reasons for the law of variable proportions?
  1.    Better utilisation of fixed factors
  2.    Indivisibility of fixed factors
  3.    Increased efficiency of variable factors
  4.    All of the above
 Discuss Question
Answer: Option D. -> All of the above


Question 19. Which of the following are the reasons for diminishing returns to a factor?
  1.    Over utilisation of fixed factors
  2.    Indivisibility of fixed factors
  3.    Increased efficiency of variable factors
  4.    All of the above
 Discuss Question
Answer: Option A. -> Over utilisation of fixed factors


Question 20. Which of the following are the reasons for negative returns to a factor?
  1.    Limitation of fixed factors
  2.    Poor coordination between variable and fixed factors
  3.    Both (a)&(b)
  4.    None of the above
 Discuss Question
Answer: Option C. -> Both (a)&(b)


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