Economics/Economics%20%20Production%20and%20Production%20Function Sample Test,Sample questions

Question:
  For production of goods we need factors:

1.Few

2.Two

3.Four

4.Unlimited

Posted Date:-2021-08-16 08:24:39


Question:
  Land is:

1.Hirable

2.Not hirable

3.Homogeneous

4.A form of capital

Posted Date:-2021-08-16 08:24:39


Question:
  The cost which a firm incurs for purchasing or hiring factors is called:

1.Implicit

2.Explicit

3.Real

4.Nominal

Posted Date:-2021-08-16 08:24:39


Question:
  The short run:

1.Is less than one year

2.Requires that at least one input is fixed

3.Requires that all inputs are fixed

4.Is just long enough to permit entry and exit

Posted Date:-2021-08-16 08:24:39


Question:
  The transformation of resources into economic goods and series is called:

1.Technical efficiency

2.Input

3.Production

4.Increasing returns

Posted Date:-2021-08-16 08:24:39


Question:
  Which of the following factors takes risk innovates and coordinates:

1.Capital

2.Labour

3.Bank

4.Entrepreneur

Posted Date:-2021-08-16 08:24:39


Question:
 All inputs can be varied:

1.Short run

2. Long run

3.Both periods

4.Non of the period

Posted Date:-2021-08-16 08:24:39


Question:
 As output increases AC curve: 

1.Falls

2.Rises

3.Remains constant

4.(a) (b) (c) are all correct

Posted Date:-2021-08-16 08:24:39


Question:
 As output increases:

1.MC curve firstly falls then rises

2.MC firstly rises then falls

3.MC continuously rises

4.None of these

Posted Date:-2021-08-16 08:24:39


Question:
 Economic development of a country requires:

1.Skilled labour

2.Diplomacy

3.Abundant natural resources

4.(a) and (c) of above

Posted Date:-2021-08-16 08:24:39


Question:
 Economic goods produced by firms are called:

1.Productivity

2.Innovation

3.Technological progress

4.Output

Posted Date:-2021-08-16 08:24:39


Question:
 Labour is hirable but you cannot hire:

1.Capital

2.Land

3.Manager

4.Entrepreneur

Posted Date:-2021-08-16 08:24:39


Question:
 Land :

1.Is a free gift of nature

2.Lacks geographical mobility

3.Is not hirable

4. (a) and (b) of above

Posted Date:-2021-08-16 08:24:39


Question:
 Land means:

1.Sea

2.Surface of earth

3.Natural forests

4.All natural resources

Posted Date:-2021-08-16 08:24:39


Question:
 MC is given by:

1.Slope of TFC

2.Slope of TC

3.Slope of AC

4. None of these

Posted Date:-2021-08-16 08:24:39


Question:
 Productivity of land can be raised by:

1.Extensive cultivation

2.Intensive cultivation

3.Better marketing

4.(a) and (b) of above

Posted Date:-2021-08-16 08:24:39


Question:
 TC

1.Starts from origin

2.Does not start from origin

3. Is parallel to Y-axis

4. None of these

Posted Date:-2021-08-16 08:24:39


Question:
 Which of the following input factor takes risk innovtes and coordinates:

1.Capital

2.Labour

3.Productivity

4.Entrepreneur

Posted Date:-2021-08-16 08:24:39


Question:
 Which of the following is correct with respect to resources:

1.Money is a capital good

2. Human skills are a labour input

3. Entrepreneur is part of the labour input

4.Natural resources include human input

Posted Date:-2021-08-16 08:24:39


Question:
 Which of the following is NOT and input:

1.Labour

2.Entrepreneurship

3. Natural resources

4.Production

Posted Date:-2021-08-16 08:24:39


Question:
 Which statement is true:

1.ATC + AVC = AFC

2.ATC + MC = AFC

3.ATC + AFC = AVC

4. AFC + AVC = ATC

Posted Date:-2021-08-16 08:24:39


Question:
All the following are U-shaped Except:

1.AVC

2.AFC

3.AC

4.MC

Posted Date:-2021-08-16 08:24:39


Question:
An example of natural resources is:

1.Factory

2.Skilled doctor

3.Oil reserves in the ground

4.Oil reserves in storage tank

Posted Date:-2021-08-16 08:24:39


Question:
Excise tax is a part of:

1.Fixed cost

2.Variable cost

3. Implicit cost

4.Is not a part of cost

Posted Date:-2021-08-16 08:24:39


Question:
Geographical mobility is not possible for:

1.Land

2.Labour

3.Capital

4.Wealth

Posted Date:-2021-08-16 08:24:39


Question:
In Monopoly at various output levels:

1.AR = MR

2. AR < MR

3.AR > MR

4.None of these

Posted Date:-2021-08-16 08:24:39


Question:
Natural environment that can be used for the production of goods and services is:

1.Labour

2.Money

3.Capital

4.Natural resources

Posted Date:-2021-08-16 08:24:39


Question:
Productivity of land can be raised by:

1.Extensive cultivation

2. Intensive cultivation

3.Better marketing

4.Increasing money supply

Posted Date:-2021-08-16 08:24:39


Question:
Standard of living of a country can be raised if it increases:

1.Labour force

2.Production

3.Money supply

4.Exports

Posted Date:-2021-08-16 08:24:39


Question:
TC

1.Rises continuously

2.Falls after reaching a maximum

3. Is horizontal

4.None of these

Posted Date:-2021-08-16 08:24:39


Question:
The following is NOT a factor of production:

1.Labour

2.Entrepreneurship

3.Land

4.Money

Posted Date:-2021-08-16 08:24:39


Question:
The long run is a:

1.Period of three years or longer

2.Period long enough to allow firms to change plant size and capacity

3.Period long enough to allow firm to make economic decisions

4.A period which affects larger than smaller firms

Posted Date:-2021-08-16 08:24:39


Question:
The shape of rectangular hyperbola is made by:

1.MC

2.AFC

3.AVC

4.None of these

Posted Date:-2021-08-16 08:24:39


Question:
The three broad types of productive resources are:

1.Money profit and interest

2.Capital labour and natural resources

3.Bond stock shares and deposits

4.Technology human capital and markets

Posted Date:-2021-08-16 08:24:39


Question:
The transformation of resources into economic goods and services is:

1.Inpur

2.Production

3. Increasing returns

4.Output

Posted Date:-2021-08-16 08:24:39


Question:
TVC

1.Starts from origin

2.Does not start from origin

3.Is parallel to Y-axis

4.None of these

Posted Date:-2021-08-16 08:24:39


Question:
Unit cost is another name for:

1.MC

2.AVC

3.ATC

4.AFC

Posted Date:-2021-08-16 08:24:39


Question:
Which is NOT a cause of shift in cost curves of a firm:

1.Excise tax

2.Prices of inputs

3. Increase in productivity

4.Price of product

Posted Date:-2021-08-16 08:24:39


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