CBSE  /  Class 11  /  Economics  /  Production and Costs

  • 1. 
    The elasticity of a straight line supply curve originating from the centre of origin is:

  • Less than unity,
  • greater than unity
  • equal to unity
  • equal to zero

  • 2. 
    When supply increases more with a result of small increase in price, the nature of supply will be :

  • Elastic
  • Inelastic
  • Perfectly Elastic
  • Perfectly Inelastic

  • 3. 
    When the proportionate change in the supply of goods is more than the proportionate change in its price, the elasticity of supply will be:

  • Less than Unit
  • Equal to Unit
  • Greater than Unit
  • Infinite

  • 4. 
    If the price of the goods rises by 60% and supply increases by only 5%, the supply of goods will be :

  • Highly Elastic
  • Elastic
  • Inelastic
  • Perfectly Inelastic

  • 5. 
    The measurement of the elasticity of supply is expressed as:

  • \(\frac { ΔQ_s/Q_s }{ ΔP/P }\)
  • \(\frac { Q_s }{ ΔP }\). \(\frac { 1 }{ P }\)
  • \(\frac { Q_s }{ Q_s }\). ΔY
  • \(\frac { ΔP }{ Q_s }\). \(\frac { P }{ ΔQ_s }\)

  • 6. 
    There are factors of productions:

  • Two
  • Three
  • Four
  • Five

  • 7. 
    Fixed cost is also known as:

  • Variable cost
  • Actual cost
  • Supplementary cost
  • Short-term cost

  • 8. 
    Supply falls on the same price when:

  • Where there is decrease in supply
  • When there is contraction in supply
  • When supply increases
  • When there is expansion in supply.

  • 9. 
    Active factor of production:

  • Capital
  • Labour
  • Land
  • None of these.

  • 10. 
    In the short-run following factors are included in the process of production:

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