1. To economists, the common thing between the short run and the long is that:

A) In both, capital is fixed
B) In both, labor is variable
C) In both, production is absent
D) None of above



2. The â??law of Returns to scaleâ? applies to:

A) The short run, but not the long run.
B) The long run, but not the short run
C) Both the short run and the long run.
D) Neither the short run nor the long run.



3. Uncommon thing between law of variable proportions & returns to scale is

A) Increasing Returns
B) Decreasing Returns
C) Constant Returns
D) None of above



4. A subject is considered science if-X. It is systematized body of knowledge which traces the relationship between cause and effect.Y. It is capable of measurement.Z. It has its own methodological apparatus.

A) X
B) Y
C) Z
D) All of above



5. Which one of the following is also known as Long run average cost curve?

A) Basket Curve
B) Wallet Curve
C) Envelope curve
D) None of above