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GK
GK Set-1
Economics
Micro Economics
209

Micro Economics MCQ (GK Set-1) with Answers

209) Refer to Figure 13-1. The marginal product of labour as production moves from employing one worker to employing two workers is

0

10

17

23

Answer is:

17

Micro Economics MCQ (GK Set-1) with Answers

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Related Micro Economics MCQ (GK Set-1) with Answers

210) Refer to Figure 13-1. The production process described above exhibits

constant marginal product of labour.

diminishing marginal product of labour

increasing returns to scale.

increasing marginal product of labour

Answer is:

diminishing marginal product of labour

211) Which of the following is a variable cost in the short run?

rent on the factory

wages paid to factory labour

interest payments on borrowed financial capital

payment on the lease for factory equipment

Answer is:

wages paid to factory labour

212) Refer to Figure 13-2. The average fixed cost of producing four units is

Rs. 2.50

Rs. 5

Rs. 9

Rs. 26

Answer is:

Rs. 2.50

213) Refer to Figure 13-2. The average total cost of producing three units is

Rs. 6.00

Rs. 3.33

Rs. 9.33

Rs. 12.66

Answer is:

Rs. 9.33

Micro Economics MCQ (GK Set-1) with Answers

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