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11th Economics Weekly Test - 3 ( Production Analysis )

MABS Institution

11th Economics Weekly Test - 3 ( Production Analysis )-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

The ISO-Quant is also called as the_____________

Equal profit curve
Equal product curve
Equal supply curve
Equal elastic curve

Entrepreneur stand to benefit from the resulting _____________ .

Diseconomies of scale
Economies of scale
Output
Price

________________ cannot be separated from labourer.

Labour
Organisation
Time
Money

Which of the following is a function of an entrepreneur?

Initiating business enterprises
Risk bearing
Innovation
All of these

Name the returns to scale when the output increases by more than 5% for a 5% increase in the inputs,

Increasing returns to scale
Decreasing returns to scale
Constant returns to scale
All of the above

The tendency of total product to increase at an increasing rate stop at point "A" this point is known as _______________

Equilibrium
Keynesian cross
Point of inflexion
All the above

'A successful entrepreneur is always an innovators' who said this?

Joseph Schumpeter
Marshall
Bohm-Bawerk
George J.Stigler

The points representing various combination of two inputs yielding the same output

Iso-cost
Iso-quant
Producers equilibrium
Production function

The functional relationship between "inputs" and "outputs" is called as

Consumption Function
Production Function
Savings Function
Investment Function

The __________ products are the basis of trade and industry.

Mineral Resources
Agricultural
Rural
Cottage

AP = ______________

\(\frac { TP }{ N } \)
TP_n-TP_n-1
\(\frac { \Delta TP }{ \Delta N } \)
AP\(\times\)N

As a factor of production capital has relative mobility in the__________ sense.

geographical
utility
both (a) and (b)
neither (a) nor (b)

Lesser production of___________ would lead to lesser production in future.

public goods
consumer goods
capital goods
agriculture goods

Modern economists have propounded the law of

Increasing returns
Decreasing returns
Constant returns
Variable proportions

MP = __________

\(\frac { \Delta TP }{ \Delta N } \)
TP_n-TP_n-1
Both (a) and (b)
None of these

In the first stage of law of variable proportions, total product increases at an _______________

Decreasing rate
Increasing rate
Constant rate
Both (a) and (b)

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

demand
supply
cost of production
productivity

Factors governing elasticity supply are ______________

Nature of the commodity
Cost of Production
Time Factor
All the above

Land is subject to _____________

Law of Demand
Law of Variable Proportion
Law of Diminishing Returns
Law of Returns to Scale

Exertion of body or mind

Hawley
Adam smith
Marshall
None

Land and labour are the ________ factors of production.

Primary factor
Secondary factor
Both
None of the above

In a firm 5 units as factors produce 24 units of the product. When the number of factor increases by one, the production increases to 30 units. Calculate the Average Product

30
6
5
24

__________ is always an innovator.

Labour
Entrepreneur
Consumer
Capital

__________ scale of production facilitates specialization and delegation.

Small
Medium
Large
All the above

When total product falls, then ________________

Average product is equal to zero
Marginal product is equal to zero
Marginal product is negative
Average product continues to rise

Reward paid to capital is

Interest
Profit
Wages
Rent

___________ increases the cost of production of a commodity or service.

Diseconomies of scale
Economies of scale
The scale of production
Production function

Who is the changing agent of the society

Enterpreneur
Labour
Producer
Unstomer

The saved amount is called as ______________

Income
Cost
Expenditure
Capital

Division of labour means ______________

Dividing the process of production
Dividing labours into age groups
Dividing wages to the labour
None of these

The incentive/reward in respect of land is called______________.

rent
wages
interest
profit

The technical relationship that obtains between inputs and outputs is known as

Factors of production
Production function
Entrepreneurial function
None of these

What are the derived factors

Capital Organisation
Land
Labour
All the above

___________is the addition made to total product by an additional unit of input of the variable factors.

Total product
Average product
Marginal product
All of these

Which of the following is external economics of scale

Banking facilities
Finanacial economics
Technology
Skill

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