( Best 200+ ) Basics of Economics MCQ

by Mr. DJ 23/01/2022

Basics of Economics MCQ

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Basics of Economics MCQ

31. A rational producer will select his level of production in which stage of
the law of variable proportions

A. stage i

B. stage ii

C. stage iii

D. either stage i or stage ii

Answer: –

B. stage ii

32. Total product reaches at maximum when

A. mp is increasing

B. mp is maximum

C. mp = 0

D. mp is negative

Answer: –

C. mp = 0

33. Returns to scale refers to the production function where

A. all factors are fixed

B. some factors are fixed and others are variable

C. all factors are variable

D. none of the above

Answer: –

C. all factors are variable

34. In the case of diminishing returns to scale, a given proportionate
increase in all factors causes

A. a more than proportionate increase in output

B. an equal proportionate increase in output

C. a less than proportionate increase in output

D. none of the above

Answer: –

C. a less than proportionate increase in output

35. Increasing returns to scale occurs due to

A. division of labour

B. specialization

C. economies of scale

D. all of the above

Answer: –

D. all of the above

Also Read :-

36. The cause for diminishing returns to scale is:

A. improper proportion of factors of production

B. difficulty in the combination of certain factors

C. excess combination of certain factors

D. all of the above

Answer: –

D. all of the above

37. The solution to diminishing returns to scale is :

A. technical progress

B. expansion of resources

C. proper combination or resources

D. all of the above

Answer: –

D. all of the above

38. Which one of the following is not related to economies of scale:

A. scope for division of labour and specialization

B. scope for getting inputs at cheaper rates

C. difficulty faces by the managers to coordinate the business

D. scope for better storage facilities

Answer: –

C. difficulty faces by the managers to coordinate the business

39. The law of Diminishing returns is applicable to:

A. agriculture only

B. industry only

C. in short-run only

D. universally

Answer: –

D. universally

40. labourers are employed the firm produces 136 units of output. Then
the marginal product is —

A. 120

B. 136

C. 6

D. 16

Answer: –

C. 6Also Read :-

Mr. DJ

I Am Dinesh Jat ( Mr. DJ). Completed Mcom. And Currently Pursuing MBA. Interest In Writing Blogs And Spread knowledge To the People. I Want to Provide General Awareness With The People who Are preparing for competitive Exams At a place.

Basics of Economics MCQ

Basics of Economics MCQ

31. A rational producer will select his level of production in which stage of
the law of variable proportions

32. Total product reaches at maximum when

33. Returns to scale refers to the production function where

34. In the case of diminishing returns to scale, a given proportionate
increase in all factors causes

35. Increasing returns to scale occurs due to

36. The cause for diminishing returns to scale is:

37. The solution to diminishing returns to scale is :

38. Which one of the following is not related to economies of scale:

39. The law of Diminishing returns is applicable to:

40. labourers are employed the firm produces 136 units of output. Then
the marginal product is —

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Mr. DJ

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( Best 200+ ) Basics of Economics MCQ

Basics of Economics MCQ

Basics of Economics MCQ

31. A rational producer will select his level of production in which stage of the law of variable proportions

32. Total product reaches at maximum when

33. Returns to scale refers to the production function where

34. In the case of diminishing returns to scale, a given proportionate increase in all factors causes

35. Increasing returns to scale occurs due to

36. The cause for diminishing returns to scale is:

37. The solution to diminishing returns to scale is :

38. Which one of the following is not related to economies of scale:

39. The law of Diminishing returns is applicable to:

40. labourers are employed the firm produces 136 units of output. Then the marginal product is —

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31. A rational producer will select his level of production in which stage of
the law of variable proportions

34. In the case of diminishing returns to scale, a given proportionate
increase in all factors causes

40. labourers are employed the firm produces 136 units of output. Then
the marginal product is —