Isoquants Quick Revision Test

Isoquants always slope:
Horizontal to X-axis
Vertical to Y- axis
Downwards to the left
Downwards to the right
Upwards to the right
The Isoquant Map shows various combinations of X and Y which yield: I the same level of Production II the same level of Expenditure III unequal level of Production
I only
II only
III only
I and II
II and III
Which of the following is not a property of Isoquants?
An Isoquant is convex to the origin
Isoquants are tangent to each other
An Isoquant is negatively sloped
Isoquants may or may not be parallel
Isoquants do not touch each other
If factors X and Y are perfect substitutes of each other, then the MRTSXY is:
Greater than 1
Less than 1
Increasing
Decreasing
Constant
If two Isoquants intersect each other, it implies: I higher portion of the Isoquants represents higher level of Production II lower portion of the Isoquants represents lower level of Production III all input combinations on both Isoquants represent equal level of Production
I only
II only
III only
I and III
II and III
The Diminishing Marginal Rate of Technical Substitution is related to:
Law of Increasing Returns
Law of Decreasing Returns
Law of Variable Proportions
Returns to Scale
All of the above
An Isoquant is Convex to the Origin when the Marginal Rate of Technical Substitution is: I increasing II decreasing III constant
I only
II only
III only
Either I or II
I, II and III
To maintain a given level of Output on Isoquants, a decrease in the use of one Input implies:
Decrease in the use of the other Input
Increase in the use of the other Input
Increase in the expenditure on this unit
Increase in Savings
None of these
An Isoquant shows the combinations of Inputs X and Y when: I each Input gives the same level of Output II each combination gives different quantities of Output III each combination gives same Output
I only
II only
III only
I and II
II and III
When factors X and Y are perfectly complementary to each other, then: I MRTSXY is zero II MRTSYX is zero III MRTSXY > MRTSYX
I only
II only
III only
I and II
II and III
Description:

In Microeconomics, the study of Production is incomplete without the concept of Isoquants. Here is a 7 minute short Revision test on the Equal Product Curves. You’ll find Multiple Choice questions on the basics of Isoquants, the properties and the Theory. This test is a must for any student of AP Microeconomics.

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