Q.51)-Returns to scale is a-
  • Timeless phenomenon
  • Directionless phenomenon
  • Short run phenomenon
  • Long run phenomenon
Q.52)-Internal economies-
  • Arise when there is expansion in an industry
  • Arise in an economy as it makes progress
  • Accrue to a firm when it expands its output
  • Arise when there is expension in internal trade
Q.53)-Third situation of law of variable proportion is-
  • Negative returns
  • Positive returns
  • Proportional return
  • None of these
Q.54)-The excess of the price, person is to pay rather than forego the consumption of the commodity is called-
  • Price
  • Profit
  • Producer's surplus
  • Consumer's surplus
Q.55)-Production function means-
  • Relation between land & rent
  • Relation between initial input & ultimate output
  • Relation between demand & supply
  • Relation between output & export
Q.56)-When the marginal product of labour is grater than the average product of labour-
  • The average product of labour is increasing
  • The firm is experiencing diminshing returns
  • The marginal product of labour is increasing
Q.57)-The production function signifies-
  • Economical relation
  • Social relation
  • Industrial relation
  • Cost relation
Q.58)-Indicate below what is NOT a factor of production-
  • Land
  • A bank loan
  • Labour
  • Capital
Q.59)-The least cost combination of factors or producer's equilibrium is now explained with the help of …………… curves and iso costs.
  • Iso product
  • Iso process
  • Both (A) and (B)
  • None of these
Q.60)-When the total product rises at an increasing rate, then the-
  • Marginal product is zero
  • Marginal product is rising
  • Marginal product is falling
  • Marginal product remains constant