Business Economics Multiple Choice Questions and Answers for Practice

16. Uncommon thing between law of variable proportions & returns to scale is

1. Increasing Returns
2. Decreasing Returns
3. Constant Returns
4. None of above

17. Total Product, Marginal Product & Average Product for 1st unit of labor aree

1. Identical
2. Different
3. Unable to be determined
4. None of above

18. To economists, the common thing between the short run and the long is that

1. In both, capital is fixed
2. In both, labor is variable
3. In both, production is absent
4. None of above

19. The unit of measurement in tabulation is shown in

1. Box head
2. Body
3. Caption
4. stub

20. The rising part of the LAC curve is due to which of the following?

1. Economies of scale
2. Diminishing returns
3. The coordination problems in firm
4. Diseconomies of scale

21. The primary data are collected by

1. Interview method
2. Observation method
3. Questionnaire method
4. All of these

22. The number of observations falling within a Class is called

1. density
2. frequency
3. both
4. none

23. The National Population Policy (NPP) 2000 set long term objective of achieving a stable population by

1. 2045
2. 2020
3. 2030
4. 2025

24. The mode of presentation of data are

1. Textual, tabulation & diagrammatic
2. Tabular, Internal & External
3. Textual, tabular & internal
4. Tabular, textual & external

25. The long run, as economists use the phrase, is characterized by

1. At least one fixed factor of production.
2. The law of variable proportions
3. The law of Returns to scale
4. All inputs being fixed

26. The law of Returns to scale applies to

1. The short run, but not the long run
2. The long run, but not the short run
3. Both the short run and the long run
4. Neither the short run nor the long run

27. The first industrial revolution laid the foundation of

1. Capitalist economy
2. Socialist economy
3. Mixed economy
4. None of these

28. The entire upper part of the table is known as

1. caption
2. stub
3. Box head
4. Body

29. The data collected on the height of group of students after recording their heights with a measuring tape are

1. Primary data
2. Secondary data
3. Discrete data
4. continuous data

30. The best method to collect the data in case of natural Calamity, is

1. Personal Interview
2. Indirect Interview
3. Questionnaire Method
4. none