Production Function
Authored by Mishti Ramchandani
Other
11th Grade
Used 2+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A period in which output can be changed by changing only variable factors
(a) Long run
(b) Short-run
(c) Fixed run
(d) Factor run
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
______ refers to a period in which output can be changed by changing all factors of production.
(a) Long run
(b) Short-run
(c) Fixed run
(d) Factor run
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Read the following statement given below and choose the correct alternative
Statement 1- Input refers to the volume of goods produced by a firm or an industry During a specific period.
Statement 2- Total product is the total quantity of goods produced by a firm in a given period with given inputs
(a) Both are correct
(b) Both are incorrect
(c) Statement 1 is correct and statement 2 is incorrect
(d) Statement 1 is incorrect and statement 2 is correct
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Read the following statement given below and choose the correct alternative.
Statement 1- Output per unit of a variable input is termed as an average product.
Statement 2- Average product is also known as an average return.
(a) Both are correct
(b) Both are incorrect
(c) Statement 1 is correct and statement 2 is incorrect
(d) Statement 1 is incorrect and statement 2 is correct
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Read the following statement given below and choose the correct alternative.
Statement 1- Addition to total product when more units of the variable factor are employed is known as Average product.
Statement 2- MP= TP-TP1
(a) Both are correct
(b) Both are incorrect
(c) Statement 1 is correct and statement 2 is incorrect
(d) Statement 1 is incorrect and statement 2 is correct
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
______ refers to the increase in the total product when only one factor is increased.
(a) Production factor
(b) Returns to a factor
(c) Returns to inputs
(d) Law of Diminishing returns
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Law of variable proportions is also known as;
(a) Law of returns
(b) Law of returns to factors
(c) Returns to variable factors
(d) All of the above
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