Important Question on Law of Variable Proportions (Economics) for all Competitive Exams

Important Question on Law of Variable Proportions

 

Important Question on Law of Variable Proportions / Important Questions on Law of Variable Proportions (Economics) /Top Ten question on Law of Variable Proportions (Economics) / MCQ’s on Law of Variable Proportions (Economics) / Questions asked in previous year exams on Law of Variable Proportions (Economics)

In short- period when the output of a good is sought to be increased by way of additional application of the variable factors, law of variable proportions comes into operation. Short period refers to that period of time during which it is impossible to increase the no. of some factors of production (variable factors) but the no. of other factors (fixed factors) cannot be increased or decreased.

Important Question on Law of Variable Proportions

Important Question on Law of Variable Proportions

1. Which of the following is not an assumption of the Law of variable Proportions?
(a) There is no change in technology.
(b) Variable factors are homogeneous.
(c) No change in price of related goods.
(d) One factor is variable & others are fixed.

 

2. Which of the following factor is assumed to be fixed in short run of Law of variable proportions?
(a) Land
(b) Labour
(c) Capital
(d) Entrepreneur

 

3. Law of Variable proportion is applicable in :
(a) Agriculture
(b) Industries
(c) Both (a) & (b)
(d) Only (a)

 

4. How many laws of Return are there?
(a) 1
(b) 2
(c) 3
(d) 4

 

5. When more & more units of labour are employed on a given piece of land, the marginal product of additional unit of labour will go on diminishing , It is called:
(a) Law of diminishing returns
(b) Law of increasing returns
(c) Law of constant returns
(d) None of these

 

Important Question on Law of Variable Proportions

6. Law of increasing returns is applicable to :
(a) Agriculture
(b) Industries
(c) Mining
(d) None of these

 

7. Law of increasing returns is fastly Applicable to Industries because of :
(a) Division of labour
(b) New inventions
(c) Both (a) & (b)
(d) None of these

 

8. Law of diminishing returns is applicable to Agriculture because of :
(a) Natural factors
(b) Decrease in fertility of land
(c) Less use of machines
(d) All of the above

 

9. When one more unit of labour is combined with the land and marginal product is constant, it is called?
(a) Law of diminishing returns
(b) Law of increasing returns
(c) Law of constant returns
(d) None of these

 

10. Causes of Applicability of law of variable proportions are :
(a) Imperfect substitutes
(b) Under-utilization of fixed factor
(c) Optimum production
(d) All of the above

 

 

 

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1. c
2. a
3. c
4. c
5. a
6. b
7. d
8. c
9. c
10. d

View Answers

 

 

 

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