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Production Analysis

Production Analysis

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Question 1
The primary factors of production are:
A
Labour and Organisation
B
Labour and Capital
C
Land and Capital
D
Land and Labour.
Question 2
The man-made physical goods used to produce other goods and services are referred to as.
A
Land
B
Labour
C
Capital
D
Organization.
Question 3
Formula for calculating AP is
A
ΔTP/N
B
ΔTP/ΔN
C
TP/MP
D
TP/N
Question 4
Which factor is called the changing agent of the Society
A
Labourer
B
Land
C
Organizer
D
Capital
Question 5
Who said, that one of the key of an entrepreneur is “uncertainty- bearing”.
A
J.B.Clark
B
Schumpeter
C
Knight
D
Adam Smith
Question 6
The functional relationship between “inputs” and “outputs” is called as
A
Consumption Function
B
Production Function
C
Savings Function
D
Investment Function
Question 7
In a firm 5 units of factors produce 24units of the product. When the number of factor increases by one, the production increases to 30 units. Calculate the Avarage Product.
A
30
B
6
C
5
D
24
Question 8
The short-run production is studied through
A
The Laws of Returns to Scale
B
The Law of Variable Proportions
C
Iso-quants
D
Law of Demand
Question 9
The long-run production function is explained by
A
Law of Demand
B
Law of Supply
C
Returns to Scale
D
Law of Variable Proportions
Question 10
An Iso-quant curve is also known as
A
Inelastic Supply Curve
B
Inelastic Demand Curve
C
Equi-marginal Utility
D
Equal Product Curve
Question 11
Mention the economies reaped from inside the firm
A
financial
B
technical
C
managerial
D
all of the above
Question 12
Cobb-Douglas production function assumes
A
Increasing returns to scale
B
Diminishing returns to scale
C
Constant returns to scale
D
All of the above
Question 13
Name the returns to scale when the output increases by more than 5%, for a 5% increase in the inputs,
A
Increasing returns to scale
B
decreasing returns to scale
C
Constant returns to scale
D
All of the above
Question 14
Which of the following is not a characteristic of land?
A
Its limited supply
B
It is mobile
C
Heterogeneous
D
Gift of Nature
Question 15
Product obtained from additional factors of production is termed as
A
Marginal product
B
Total product
C
Average product
D
Annual product
Question 16
odern economists have propounded the law of
A
Increasing returns
B
decreasing returns
C
Constant returns
D
variable proportions
Question 17
Producer’s equilibrium is achieved at the point where:
A
Marginal rate of technical substitution(MRTS) is greater than the price ratio
B
MRTS is lesser than the price ratio
C
MRTS and price ratio are equal to each other
D
The slopes of isoquant and isocost lines are different
Question 18
The relationship between the price of a commodity and the supply of commodity is
A
Negative
B
Positive
C
Zero
D
Increase
Question 19
If average product is decreasing, then marginal product
A
must be grater than average product
B
must be less than average product
C
must be increasing
D
both a and c
Question 20
A production function measures the relation between
A
input prices and output prices
B
input prices and the quantity of output
C
the quantity of inputs and the quantity of output
D
the quantity of inputs and input prices.
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