(A) Total product divided by the amount of the input used to produce this
amount of output
(B) The addition to total output that adds nothing to profit
(C) The addition to total output due to the addition of one unit of all other
inputs
(D) The addition to total output due to the addition of the last unit of an
input, holding all other inputs constant
Category: Economics Mcqs
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The short run is:
(A) Less than a year
(B) Three years
(C) However long it takes to produce the planned output
(D) A time period in which at least one input is fixed
The slope of the total product curve is the:
(A) Average product
(B) Slope of a line from the origin to the point
(C) Marginal product
(D) Marginal rate of technical substitution
According to the law of diminishing returns:
(A) The total product of an input will eventually be negative
(B) The total product of an input will eventually decline
(C) The marginal product of an input will eventually be negative
(D) The marginal product of an input will eventually decline
In the long run:
(A) All inputs are fixed
(B) All inputs are variable
(C) At least one input is variable and one input is fixed
(D) At most one input is variable and one input is fixed
The law of diminishing returns applies to:
(A) The short run only
(B) The long run only
(C) Both the short and the long run
(D) Neither the short nor the long run
The slope of an indifference curve reveals that:
(A) The preferences are complete
(B) The marginal rate of substitution of one good for another good
(C) The ratio of market prices
(D) That preferences are transitive
A curve that represents all combinations of market baskets that provide the same level of utility to a consumer is called:
(A) A budget line
(B) An isoquant
(C) An indifference curve
(D) A demand curve