Question : Returns to scale is a
Option 1: timeless phenomenon
Option 2: directionless phenomenon
Option 3: short-run phenomenon
Option 4: long-run phenomenon
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Correct Answer: long-run phenomenon
Solution : The correct option is the long-run phenomenon.
Returns to scale are studied in the long run, where all inputs are flexible. In the long run, a company can optimise its manufacturing process by adjusting its capital, labour and other inputs. As a result, it is possible to examine the effects of changing input levels on output in greater detail, making a return-to-scale analysis relevant.
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Question : When all inputs are doubled and a result, output also doubles, then we have:
Option 1: constant returns to scale
Option 2: decreasing returns to scale
Option 3: increasing returns to scale
Option 4: none of the options
Question : Quasi-rent is a __________ phenomenon.
Option 1: medium-term
Option 2: long-term
Option 3: short-term
Option 4: no time
Question : In cricket, hitting the ball in the air in such a way that the ball crosses the boundary is equal to a _______ run.
Option 1: 6
Option 2: 2
Option 3: 3
Option 4: 4
Question : A 480 m long train takes 16 seconds to pass a pole. How long will it take to pass a platform that is 900 m long?
Option 1: 47 s
Option 2: 45 s
Option 3: 46 s
Option 4: 48 s
Question : A picture is 40 cm wide and 1.6 m long. The ratio of its width to its perimeter is:
Option 1: 4 : 1
Option 2: 10 : 1
Option 3: 1 : 10
Option 4: 1 : 4
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