__________ says that if we keep increasing the employment of an input, with other inputs fixed, eventually a point will be reached after which the resulting addition to output (i.e., marginal product of that input) will start falling.
Law of diminshing marginal product
Law of variable proportions
The Short Run
The Long Run
A.
Law of diminshing marginal product
............. is the set of all possible combinations of the two inputs that yield the same maximum possible level of output.
The Short Run
The Long Run
Isoquant
Average product
From which of the following is the GDP of a country not derived from?
Agricultural sector
Industrial sector
International sector
Service sector
............. is the relationship between the variable input and output, keeping all other inputs are held constant.
Total product
Average product
Isoquant
The Long Run
In a market system, the central problems regarding how much and what to produce are solved through the coordination of economic activities brought about by ...........signals.
Supply
Demand
Price
Stock Market
............ 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.
Law of diminishing marginal product
Law of variable proportions
The Short Run
The Long Run
The ......... exchange rate is the relative price of foreign goods in terms of domestic goods.
Artificial
Nominal
Fixed
Real
The closest example of a centrally planned economy is the ........... for the major part of the 20th Century.
USA
India
Soviet Union
Japan
______________ scheme launched by the Central Government aims to spur social, economic and infrastructure development in rural areas by developing a cluster of 300 Smart Villages.
Soil Health Card
Shyama Prasad Mukherji Rurban Mission
Pradhan Mantri Fasal Bima Yojana
Pradhan Mantri Rojgar Yojana
............ is an alternative way of representing the production function.
The Short Run
The Long Run
Isoquant
Average Product
