Tag: economics

Quizzes (361) Questions (3598)

Questions Related to economics

Multiple choice economics dynamic of human development development indices various development indexes social development

Longevity is measured in terms of __________.

  1. life expectancy at birth

  2. life expectancy at the age of 5

  3. life expectancy at the age of 18

  4. life expectancy at the age of 60
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Longevity is measured in terms of life expectancy at birth. Longevity is one of the indicators of Human Development Index. Life expectancy at birth can be defined as a statistical measure which reflects the mortality rate in an economy.

Multiple choice economics dynamic of human development development indices various development indexes social development

Human well being is measured by _______.

  1. Consumer Price Index (CPI)

  2. Human Resource Index (HRI)

  3. Human Development Index (HDI)

  4. Human Socio-benefit Index
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Human well being is measured by Human Development Index. It was developed by United Nation Development Programme( UNDP)HDI stands for Human Development Index. It can be defined as a statistic composite index of human development indicators, like, life expectancy, education, per capita income, etc. HDI helps to rank countries.

Multiple choice economics dynamic of human development development indices various development indexes social development

Human Development Index was developed by ________.

  1. United Nation Organisation

  2. United Nation Development Programme (UNDP)

  3. World Trade Organisation

  4. World Bank
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Human Development Index was developed by United Nation Development Programme( UNDP)HDI stands for Human Development Index. It can be defined as a statistic composite index of human development indicators, like, life expectancy, education, per capita income, etc. HDI helps to rank countries.

Multiple choice economics dynamic of human development development indices various development indexes social development

Level of human well-being in India is __________.

  1. moderate

  2. high

  3. constant

  4. low
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
Level of human well-being in India is low. Level of human being is measured in terms of Human Development Index.
Level of human being depends on human development indicators, like, life expectancy, education, per capita income, etc.
Multiple choice economics production and costs return to scale and cobb douglas function total product, average product and marginal product laws of returns - returns to a factor and returns to scale

Returns to scale means ________________.

  1. the behaviour of production or return when all the production factors are increased or decreased simultaneously in the same ration

  2. the behaviour of production where one or two factors of production are fixed while the others are variable

  3. the marginal returns goes on increasing as more labour is invested in industry.

  4. the behaviour of production, when changes are made in factor proportions, keeping on or some factors fixed
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

In the long run all factors are varied, the proportion of inputs while kept same is scaled up or down in order to produce at the minimum efficiency scale (long run minimum average cost) . Thus as the entire scale of production is changing, this phenomenon is know as returns to scale. 

Multiple choice economics production and costs return to scale and cobb douglas function total product, average product and marginal product laws of returns - returns to a factor and returns to scale

The Cobb-douglas production function $Q= K^{1/2} L^{1/3}$ exhibits __________. 

  1. constant returns to scale

  2. increasing returns to scale

  3. decreasing returns to scale

  4. none of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The terms in the equation are raised to coefficients less than 1, this implies for every one unit increase in input the output will increase by less than 1. Thus, this is is a function exhibiting deceasing returns to scale. 

Multiple choice economics production and costs return to scale and cobb douglas function total product, average product and marginal product laws of returns - returns to a factor and returns to scale

In the standard notation of Cobb Douglas Function, if + = 1,  the production function exhibits _____.

  1. constant returns to scale

  2. increasing returns to scale

  3. decreasing returns to scale

  4. none of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

In a Cobb-Douglas production function Q = A * L^a * K^b, the sum of the exponents (a + b) determines the returns to scale. If a + b = 1, the function exhibits constant returns to scale.

Multiple choice economics production and costs return to scale and cobb douglas function total product, average product and marginal product laws of returns - returns to a factor and returns to scale

In the standard notation of Cobb Douglas Function, if the terms are raised to coefficients greater than 1, then the production function exhibits _______.

  1. CRS

  2. DRS

  3. IRS

  4. None of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

In the standard notation of Cobb Douglas Function, if the terms are raised to numbers greater than 1 then for each one unit increase in input the output will increase by more than 1. eg: $Q(K,L)$ = ${K^3}$${L^6}$ 


Multiple choice economics production and costs return to scale and cobb douglas function total product, average product and marginal product laws of returns - returns to a factor and returns to scale

Law of variable proportion applies _________.

  1. when all inputs are variable

  2. when all inputs are fixed

  3. some inputs are fixed and one input is variable

  4. all of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The law of variable proportions describes the short-run production process where at least one factor of production is fixed, while others are varied.