Questions

Q:

____________ is the relationship between the variable input and output, keeping all other inputs are held constant.

A) Total product B) Average product
C) Isoquant D) The Long Run
 
Answer & Explanation Answer: A) Total product

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Q:

The demand for a normal good decreases with ________ in the consumer's income.

A) increase B) decrease
C) constant D) double
 
Answer & Explanation Answer: B) decrease

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Q:

_________ says that the marginal product of a factor input initially rises with its employment level. But after reaching a certain level of employment, it starts falling.

A) Law of diminishing marginal product B) Law of variable proportions
C) The Short Run D) The Long Run
 
Answer & Explanation Answer: B) Law of variable proportions

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Q:

A manufacturer faces price elasticity of demand of a ­1.25 for its product. If it lowers its price by 6.4%, the increase in quantity sold will be _____.

A) 5.15 percent B) 7.65 percent
C) 8 percent D) 5.12 percent
 
Answer & Explanation Answer: C) 8 percent

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Q:

From the given answer figures, select the one in which the question figure is hidden.

A) 1 B) 2
C) 3 D) 4
 
Answer & Explanation Answer: D) 4

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Q:

A piece of paper is folded and cut as shown below in the question figures. From the given answer figures, indicate how it will appear when opened.

A) 1 B) 2
C) 3 D) 4
 
Answer & Explanation Answer: D) 4

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Q:

When is International day for Preservation of Ozone layer observed?

A) September 16 B) July 4
C) January 23 D) May 1
 
Answer & Explanation Answer: A) September 16

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Q:

The famous Sanchi Stupa was commissioned by

A) Bindusara B) Ashoka
C) Chandragupta Maurya D) Kanishka
 
Answer & Explanation Answer: B) Ashoka

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