Law of Variable Proportions

Q.

Find

$2\%$of $1kg$

Q. "The concept of economic growth and economic development are interrelated but not same." Do you agree with this statement? Give reasons.

Q. The relationship between one variable factor, keeping the quantities of other factors fixed, is called __________.

1. Production function
2. Law of diminishing returns
3. Law of variable proportion
4. Returns to scale

Q. "Present age is of economic planning." Explain this statement giving suitable reasons.

Q. Answer the following questions

What are the features of economic development?

Q. __________ is a property of production function that holds when a proportional increase in all inputs results in an increase in output by the same proportion.

1. Constant returns to scale
2. Increasing returns to scale
3. Decreasing returns to scale
4. None of these

Q. The law of variable proportion operates when the production function ___________.

1. keeps at least one factor variable and other fixed
2. keeps all input factors fixed
3. keeps all input factors variable
4. keeps at least one factor input fixed and other variable

Q. Answer the following questions

Explain any two definitions of economic development.

Q. Under law of variable proportions, the first stage refers to ________________.

1. Negative Returns stage
2. Increasing Returns stage
3. Diminishing Returns stage
4. Constant stage