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11th Economics Monthly Test - 1 ( Production Analysis )

MABS Institution

11th Economics Monthly Test - 1 ( Production Analysis )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

Production function may be classified into _______________

One
Two
Three
Four

Labour has _________ bargaining power

Strong
Active
Weak
Inactive

At the point of inflexion, the marginal product is ______________

Increasing
Decreasing
Maximum
Negative

Cobb-Douglas production function explains only__________ return to scale.

increasing
diminishing
constant
both increasing and diminishing

The factors used in production have to be reward on the basis for their______________.

demand
supply
cost of production
productivity

The Cobb-Douglas production function can be expressed as _______________

Potential price - Actual price
MRTS_xy=\(\frac { Px }{ Py } \)
Q=AL^\(\alpha\) K^\(\beta\)
^{\(\alpha\) +}\(\beta\) =1

__________ is the active factors of production.

Labour
Land
Capital
None

The examples for intangible capital are investment on

Advertisement
Factories
MachInery
Buildings

Responsiveness of the quantity supplied of a good to a change in its price is_______

Supply
Elasticity of supply
Demand
Elasticity of demand

Which of the following is not a characteristic of land?

Its limited supply
It is mobile
Heterogeneous
Gift of Nature

Part - B

Generic 2 - Answer All Question

What is meant by division of labour?

What does the term 'Internal Economies of scale' refer to ?

What is meant by Land in Economics

What is meant by laws of return to scale?
Give the formula for elasticity of supply.

Classify the factors of production.

State the production function.

Economies are divided into how many types? what are they?

Define Law of supply?

What is production function? What are its classification?

Part - C

Generic 3 - Answer All Question

Distinguish between internal and external economies

What are the factors governing elasticity of supply?

State and explain the elasticity of supply.

What are the characteristics of capital?

Describe the characteristics of capital?

Explain the Internal and External diseconomies of scale?
Explain Iso quant map with the help of diagram.

What are the factors determining supply?

State the Cobb Douglas production function.

What are the assumptions of Law of variable proportion.

Part - D

Generic 5 - Answer All Question

Describe the law of supply in details.

Explain the types of elasticity supply with the help of diagram.

Explain the Law of supply with a suitable diagram?

What are the factors determining supply ?
Explain briefly the Iso-cost Line with the help of a diagram?

Examine the Law of Variable Proportions with the help of diagram.

List out the properties of iso - quants with the help of diagrams

Elucidate the Laws of Returns to scale. lliustrate.

Define 'Iso-Quant' and explain it with the help of a table and a diagram.

Explain the internal and external economies of scale.

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