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Class 11 Economics
Production And Costs
Quiz 1
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In production function, production is a function of:
0%
Price
0%
Factors of Production
0%
Total Expenditure
0%
None of these
Explanation
Factors of Production
The basic reason of operating the Law of Diminishing Returns is:
0%
Scarcity of Factors
0%
Imperfect Substitution between Factors
0%
Both (a) and (b)
0%
None of the above
Explanation
Both (a) and (b)
Which of the following explains the short-run production function ?
0%
Law of Demand
0%
Law of Variable Proportion
0%
Returns to Scale
0%
Elasticity of Demand
Explanation
Law of Variable Proportion
Long-run production function is related to:
0%
Law of Demand
0%
Law of Increasing Returns
0%
Laws of Returns to Scale
0%
Elasticity of Demand
Explanation
Laws of Returns to Scale
In which stage of production a rational producer likes to operate in shot-run production ?
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First Stage
0%
Second Stage
0%
Third Stage
0%
None of these
Explanation
Second Stage
Law of variable proportion explains three stages of production. In the first stage of production:
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Both MP and AP rise
0%
MP rises
0%
AP Falls
0%
MP is zero
Explanation
Both MP and AP rise
At which time all the factors of production may be changed ?
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Short run
0%
Long run
0%
Very Long run
0%
All the three
Explanation
Long run
Which factors among following we find in short-run production process ?
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Fixed Factors
0%
Variable Factors
0%
Both (a) and (b)
0%
None of these
Explanation
Both (a) and (b)
The cycle which increases first and after being constant starts to reduce is called :
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APP
0%
MPP
0%
TPP
0%
All of these
Explanation
All of these
Which of the following is a saurce of production ?
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Land
0%
Labour
0%
Capital
0%
All of these
Explanation
All of these
Law of variable proportion is related to :
0%
Both short-run and long run
0%
Long-run
0%
Short-run
0%
Very Long-run
Explanation
Short-run
An active factor of production is:
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Capital
0%
Labour
0%
Land
0%
None of these
Explanation
Labour
If all the factors of production are increased by same proportion and as a result output increases by a greater proportion than it is called :
0%
Constant returns to scale
0%
Decreasing returns to scale
0%
All of these
0%
None of these
Explanation
All of these
Which of the following is included in money cost ?
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Normal Profit
0%
Explicit Cost
0%
Implicit Cost
0%
All of these
Explanation
All of these
Which of the following is not fixed cost ?
0%
Insurance Premium
0%
Interest
0%
Cost of Raw Material
0%
Rent of the Factory
Explanation
Cost of Raw Material
With the increase in production the difference between total cost and total fixed cost:
0%
Remains Constant
0%
Increases
0%
Decreases
0%
Both Increases or Decreases
Explanation
Increases
Changes in production quantity affect:
0%
Both Fixed and Variable Cost
0%
Only Variable Cost
0%
Only Fixed Cost
0%
None of the above
Explanation
Only Variable Cost
What happens when production is shut down ?
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Fixed Cost Increases
0%
Variable Costs Decline
0%
Variable Costs become zero
0%
Fixed Costs become zero
Explanation
Variable Costs become zero
The alternative name of opportunity cost is:
0%
Economic Cost
0%
Equilibrium Price
0%
Marginal Cost
0%
Average Cost
Explanation
Economic Cost
When average cost is decreasing what status marginal cost has as compared to average cost ?
0%
MC > AC
0%
MC = AC
0%
MC ≤ AC
0%
MC ≠ AC
Explanation
MC ≤ AC
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