Average product is obtained by dividing total product by: MCQ with Answer and Explanation

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Average product is obtained by dividing total product by:

A. marginal product

B. units of variable input

C. fixed input

D. total cost

Answer: Option B

Solution (By JKSSB Mock Tests)

Average product is total product divided by the units of the variable input used.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Evergreen Revolution' in India was proposed by:

A. M.S. Swaminathan

B. Verghese Kurien

C. C. Subramaniam

D. Norman Borlaug

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Correct Answer: Option A

Explanation:
M.S. Swaminathan proposed the Evergreen Revolution for sustainable agriculture.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' input tax credit is claimed by:

A. registered businesses on their purchases

B. the government

C. the final consumer

D. unregistered dealers

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Correct Answer: Option A

Explanation:
Registered businesses can claim input tax credit on their purchases.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of production, the stage of diminishing returns begins when:

A. Marginal product is negative

B. Average product is zero

C. Marginal product starts declining

D. Total product is maximum

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Correct Answer: Option C

Explanation:
The stage of diminishing returns starts when the marginal product of the variable factor begins to decline, although it may still be positive.

This question belongs to: Economy GK Economy Set 1

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