Laws of Variable Proportion - SS2 Economics Past Questions and Answers - page 1
What is the law of variable proportions?
As inputs increase, the output always increases proportionally
As inputs increase, output increases at a decreasing rate
As inputs increase, output decreases at an increasing rate
As inputs increase, output remains constant
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What is another name for the law of variable proportions?
The law of constant returns
The law of increasing costs
The law of diminishing returns
The law of supply and demand
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Which of the following is an example of the law of variable proportions?
Eating more food will make you feel more full
Adding more workers to a production line will always increase output
Adding more fertilizer to a field will always increase crop yields
Adding more water to a plant will always make it grow taller
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What is the importance of the law of variable proportions in economics?
It helps us understand how changes in inputs affect output
It helps us understand how changes in output affect inputs
It helps us understand how changes in inputs affect prices
It helps us understand how changes in prices affect inputs
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At what point does the law of variable proportions come into effect?
When input levels are low
When input levels are high
When input levels are constant
When input levels are variable
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Give an example of how the law of variable proportions applies in the real world.
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Given the law of variable proportion, how can firms optimize their production processes?
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