Returns to scale refers to the relationship between inputs and output when: MCQ with Answer and Explanation

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Returns to scale refers to the relationship between inputs and output when:

A. only one factor is changed

B. technology is fixed

C. marginal cost is constant

D. all factors are changed in the same proportion

Answer: Option D

Solution (By JKSSB Mock Tests)

Returns to scale describe the long-run response of output when all inputs change proportionally.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a feature of the Indian agricultural sector?

A. High capital intensity comparable to industry

B. High and uniform productivity across states

C. Predominance of small and marginal farmers

D. Complete independence from monsoon

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Correct Answer: Option C

Explanation:
Indian agriculture is dominated by small and marginal landholdings, leading to challenges of scale, productivity and access to credit and technology.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Index of Industrial Production' in India uses which base year?

A. 2004-05

B. 2016-17

C. 2011-12

D. 2019-20

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Correct Answer: Option C

Explanation:
IIP uses base year 2011-12.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Paris Agreement' on climate change was adopted in which year?

A. 2016

B. 2015

C. 2018

D. 2012

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Correct Answer: Option B

Explanation:
The Paris Agreement was adopted in 2015.

This question belongs to: Economy GK Economy Set 1

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