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