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Business Economics - Questions and Answers for Competitive Exams | GkSeries

Questions
25. Passive factor of production is ________________.
  • [A] Only land.
  • [B] Only capital.
  • [C] Both land and capital.
  • [D] Neither land nor capital

Answer: Option [C]

26. _____________ Economies views on reducing the Production costs
  • [A] Internal
  • [B] Inventory
  • [C] Pecuniary
  • [D] External

Answer: Option [D]

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27. Which factor of production is considered as fixed input?
  • [A] Labour
  • [B] Technology
  • [C] Capital
  • [D] Land

Answer: Option [D]

28. _____________ is the remuneration for organisation
  • [A] Rent
  • [B] Wages
  • [C] Interest
  • [D] Profit

Answer: Option [D]

29. When the output increases in the same proportion as the increase in input it is _____________ Returns
  • [A] Constant
  • [B] Average
  • [C] Decreasing
  • [D] Increasing

Answer: Option [A]

30. Marginal cost is defined as
  • [A] Total cost divided by output
  • [B] Change in total cost due change in output
  • [C] Change in output due to a one unit change in an input
  • [D] Total product divided by the quantity of inpu

Answer: Option [B]

31. Which of the following is correct
  • [A] TC= TFC+ TVC
  • [B] TFC= TC- TVC
  • [C] TVC= TC- TFC
  • [D] All of the above

Answer: Option [D]

32. Opportunity Cost is also Known as _____________
  • [A] outlay cost
  • [B] Sunk Cost
  • [C] Alternative Cost
  • [D] Total Cost

Answer: Option [C]

33. The vertical difference between TVC and TC is equal to _____________
  • [A] MC
  • [B] AVC
  • [C] TFC
  • [D] None

Answer: Option [C]

34. The formula for average variable cost (AVC) is __________________.
  • [A] DQ/DTVC.
  • [B] DTVC/DQ.
  • [C] TVC/Q
  • [D] Q/TVC

Answer: Option [C]

35. The rate at which a firm can substitute capital for labour and hold output constant is the ______________.
  • [A] marginal rate of production
  • [B] law of diminishing marginal returns
  • [C] marginal rate of factor substitution
  • [D] isoquant.

Answer: Option [C]

36. The formula for average fixed costs is __________________
  • [A] TFC/Q
  • [B] DQ/DFC.
  • [C] Q/TFC.
  • [D] TFC _ Q

Answer: Option [A]

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