Economics Production Function Quiz

Economics Production Function Quiz

University

10 Qs

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Economics Production Function Quiz

Economics Production Function Quiz

Assessment

Passage

Professional Development

University

Practice Problem

Medium

Created by

Dr. Kumari

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the production function in economics?

The relationship between input and output in the short run

The government's role in controlling production

The study of how goods and services are produced

The demand and supply dynamics in the market

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the production function, what are inputs typically referred to as?

Externalities

Factors of production

Outputs

Marginal utility

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a primary factor of production in the production function?

Demand

Labor

Money

Taxes

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of diminishing returns states that:

As production increases, so does the cost

The more inputs added, the less additional output is gained

Production will continue to increase indefinitely

All inputs contribute equally to the production process

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the mathematical representation of the production function?

Q = K / L

Q = K + L

Q = K * L

Q = K - L

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a production function exhibits constant returns to scale, what happens when all inputs are doubled?

Output remains the same

Output quadruples

Output is halved

Output is doubled

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor of production refers to the physical and human resources used in the production process?

Land

Capital

Labor

Entrepreneurship

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