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

Question:
  For production of goods we need factors:

1.Few

2.Two

3.Four

4.Unlimited


Question:
  Land is:

1.Hirable

2.Not hirable

3.Homogeneous

4.A form of capital


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

1.Implicit

2.Explicit

3.Real

4.Nominal


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


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

1.Technical efficiency

2.Input

3.Production

4.Increasing returns


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

1.Capital

2.Labour

3.Bank

4.Entrepreneur


Question:
 All inputs can be varied:

1.Short run

2. Long run

3.Both periods

4.Non of the period


Question:
 As output increases AC curve: 

1.Falls

2.Rises

3.Remains constant

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


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


Question:
 Economic development of a country requires:

1.Skilled labour

2.Diplomacy

3.Abundant natural resources

4.(a) and (c) of above


Question:
 Economic goods produced by firms are called:

1.Productivity

2.Innovation

3.Technological progress

4.Output


Question:
 Labour is hirable but you cannot hire:

1.Capital

2.Land

3.Manager

4.Entrepreneur


Question:
 Land :

1.Is a free gift of nature

2.Lacks geographical mobility

3.Is not hirable

4. (a) and (b) of above


Question:
 Land means:

1.Sea

2.Surface of earth

3.Natural forests

4.All natural resources


Question:
 MC is given by:

1.Slope of TFC

2.Slope of TC

3.Slope of AC

4. None of these


Question:
 Productivity of land can be raised by:

1.Extensive cultivation

2.Intensive cultivation

3.Better marketing

4.(a) and (b) of above


Question:
 TC

1.Starts from origin

2.Does not start from origin

3. Is parallel to Y-axis

4. None of these


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

1.Capital

2.Labour

3.Productivity

4.Entrepreneur


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


Question:
 Which of the following is NOT and input:

1.Labour

2.Entrepreneurship

3. Natural resources

4.Production


Question:
 Which statement is true:

1.ATC + AVC = AFC

2.ATC + MC = AFC

3.ATC + AFC = AVC

4. AFC + AVC = ATC


Question:
All the following are U-shaped Except:

1.AVC

2.AFC

3.AC

4.MC


Question:
An example of natural resources is:

1.Factory

2.Skilled doctor

3.Oil reserves in the ground

4.Oil reserves in storage tank


Question:
Excise tax is a part of:

1.Fixed cost

2.Variable cost

3. Implicit cost

4.Is not a part of cost


Question:
Geographical mobility is not possible for:

1.Land

2.Labour

3.Capital

4.Wealth


Question:
In Monopoly at various output levels:

1.AR = MR

2. AR < MR

3.AR > MR

4.None of these


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

1.Labour

2.Money

3.Capital

4.Natural resources


Question:
Productivity of land can be raised by:

1.Extensive cultivation

2. Intensive cultivation

3.Better marketing

4.Increasing money supply


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

1.Labour force

2.Production

3.Money supply

4.Exports


Question:
TC

1.Rises continuously

2.Falls after reaching a maximum

3. Is horizontal

4.None of these


Question:
The following is NOT a factor of production:

1.Labour

2.Entrepreneurship

3.Land

4.Money


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


Question:
The shape of rectangular hyperbola is made by:

1.MC

2.AFC

3.AVC

4.None of these


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


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

1.Inpur

2.Production

3. Increasing returns

4.Output


Question:
TVC

1.Starts from origin

2.Does not start from origin

3.Is parallel to Y-axis

4.None of these


Question:
Unit cost is another name for:

1.MC

2.AVC

3.ATC

4.AFC


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


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