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11th Economics Monthly Test - 2 ( Production Analysis )

MABS Institution

11th Economics Monthly Test - 2 ( Production Analysis )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

When marginal product is positive, the total product______________.

decreases
increases
remains constant
is not affected

When marginal product is negative, the total product______________.

increases
decreases
is maximum
is lowest

_______________ is the primary factor of production.

Man
Time
Money
Organisation

The examples for intangible capital are investment on

Advertisement
Factories
MachInery
Buildings

Who said, that one of the key of an entrepreneur is "uncertainty-bearing"

J.B. Clark
Schumpeter
Knight
Adam Smith

Labour means physical ______________

Exertion
Elastic
Physical capital formation
Entrepreneur

Production refers to

Destruction of utility
Creation of utility
Exchange value
None

Which of these is not a basic factor of production in economics______________.

Land
Enterprise
Capital
Money

Cobb-Douglas production function explains only__________ return to scale.

increasing
diminishing
constant
both increasing and diminishing

Accumulation of more and more physical capital is called ________________

Physical capital formation
Money capital
Labour and capital
Human capital

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 are the benefits using ecnomics of scale in the production process?

What is Financial Capital?

Give the formula for elasticity of supply.

State the production function.

What is short run production function in Micro economics

Part - C

Generic 3 - Answer All Question

What are the characteristics of capital?

Describe law of variable proportions?

Explain the Internal and External diseconomies of scale?

What are the characteristics of land?

Explain the characteristics of Capital?

Distinguish between Total Product (TP) and Average Product (AP).

Explain the classification of factors of production.

Part - D

Generic 5 - Answer All Question

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

What are the factors determining supply ?

What are the Characteristics of Labour?

Explain briefly the Iso-cost Line with the help of a diagram?
Explain the types of elasticity supply with the help of diagram.

Explain relationship among total Average and Marginal Products.

Elucidate the Laws of Returns to scale. lliustrate.

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