CBSE  /  Class 11  /  Economics  /  Production and Costs

  • 1. 
    In production function, production is a function of:

  • Price
  • Factors of Production
  • Total Expenditure
  • None of these

  • 2. 
    The basic reason of operating the Law of Diminishing Returns is:

  • Scarcity of Factors
  • Imperfect Substitution between Factors
  • Both (a) and (b)
  • None of the above

  • 3. 
    Which of the following explains the short-run production function ?

  • Law of Demand
  • Law of Variable Proportion
  • Returns to Scale
  • Elasticity of Demand

  • 4. 
    Long-run production function is related to:

  • Law of Demand
  • Law of Increasing Returns
  • Laws of Returns to Scale
  • Elasticity of Demand

  • 5. 
    In which stage of production a rational producer likes to operate in shot-run production ?

  • First Stage
  • Second Stage
  • Third Stage
  • None of these

  • 6. 
    Law of variable proportion explains three stages of production. In the first stage of production:

  • Both MP and AP rise
  • MP rises
  • AP Falls
  • MP is zero

  • 7. 
    At which time all the factors of production may be changed ?

  • Short run
  • Long run
  • Very Long run
  • All the three

  • 8. 
    Production function is expressed as:

  • Q
  • Q
  • Q
  • None of these

  • 9. 
    Which factors among following we find in short-run production process ?

  • Fixed Factors
  • Variable Factors
  • Both (a) and (b)
  • None of these

  • 10. 
    The cycle which increases first and after being constant starts to reduce is called :

  • APP
  • MPP
  • TPP
  • All of these
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