What does the Law of Variable Proportions explain?

Economic Theory Quiz

Quiz
•
English
•
12th Grade
•
Hard
shanthi navukkarasu
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How prices fluctuate in the market
The relationship between inputs and outputs in production
The impact of taxes on consumer behavior
The concept of supply and demand
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a linear production function, what happens to the output when inputs are doubled?
The output remains the same
The output decreases
The output triples
The output doubles
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Marginal Rate of Substitution measure?
The rate at which prices change over time
The rate at which a consumer can give up one good for another while maintaining satisfaction
The rate at which companies enter a competitive market
The rate at which a consumer can exchange goods in the market
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the slope of an indifference curve?
Positive
Zero
Negative
Undefined
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In monopolistic competition, what happens to economic profits in the long run?
They increase continuously
They are not affected
They decrease continuously
They stabilize at zero
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main characteristic of a non-linear production function?
The output always doubles with increased inputs
The output increases proportionally with inputs
The output does not increase proportionally with inputs
The output remains constant regardless of inputs
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does the Law of Variable Proportions relate to baking cookies?
Adding more sugar is the key to better cookies
Adding more flour always improves the taste
Adding more eggs is always beneficial
Adding too much flour can ruin the recipe
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