271.

__________ 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

The ......... exchange rate is the relative price of foreign goods in terms of domestic goods.

• Artificial

• Nominal

• Fixed

• Real

............ is an alternative way of representing the production function.

• The Short Run

• The Long Run

• Isoquant

• Average Product

______________ 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

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 closest example of a centrally planned economy is the ........... for the major part of the 20th Century.

• USA

• India

• Soviet Union

• Japan

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

• Total product

• Average product

• Isoquant

• The Long Run

From which of the following is the GDP of a country not derived from?

• Agricultural sector

• Industrial sector

• International sector

• Service sector

............. 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