Production and Costs | Chapter 3 | Class 11 | Social Science | Economics

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In this test paper, we will practice our learning of Production and Costs | Chapter 3 | Class 11 | Social Science | Economics. These MCQ questions are prepared Based on latest exam Pattern for General Studies and GK preparation of SSC, NDA, CDS, UPSC, UPPSC and State PSC Examinations.

In this test paper, we will practice our learning of Production and Costs | Chapter 3 | Class 11 | Social Science | Economics. These MCQ questions are prepared Based on latest exam Pattern for General Studies and GK preparation of SSC, NDA, CDS, UPSC, UPPSC and State PSC Examinations.

Questions

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

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

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

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4. Long-run production function is related to:

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

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

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

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8. Production function is expressed as:

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

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

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11. Which of the following is a saurce of production ?

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12. Law of variable proportion is related to :

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13. An active factor of production is:

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14. If all the factors of production are increased by same proportion and as a result output increases by a greater proportion than it is called :

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15. Which of the following is included in money cost ?

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16. Which of the following is not fixed cost ?

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17. With the increase in production the difference between total cost and total fixed cost:

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18. Changes in production quantity affect:

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19. What happens when production is shut down ?

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20. The alternative name of opportunity cost is:

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21. When average cost is decreasing what status marginal cost has as compared to average cost ?

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22. Which statement of the following is true ?

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23. What is an opportunity cost ?

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24. The shape of average cost curve is :

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25. The average fixed cost at 5 units of output is Rs. 20. Average variable cost at 5 units of output is Rs. 40. Average cost of producing 5 units is:

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26. Which of the following is correct ?

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27. Average variable costs can be defined as:

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28. With increase in output, the difference between total cost and total variable cost:

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29. Which factors are used in short-run production process ?

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30. In which market MR may become zero or negative ?

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31. In which market AR = MR ?

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32. In monopoly and monopolistic competition :

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33. With which condition, firm will get maximum profit ?

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34. In perfect competition, which of the following remains constant ?

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35. In perfect competition:

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36. When 5 units of a goods are sold, total revenue is Rs. 100. When 6 units are sold, marginal revenue is Rs. 8. At what price are 6 units sold ?

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37. MR is shown as:

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38. AR is shown as:

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39. In which market AR curve is parallel to X-axis ?

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40. Which of the following is a true statement ?

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41. The basic condition of firm’s equilibrium is:

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42. In final equilibrium of firm:

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43. For every market, which condition has to be fulfilled for firm’s equilibrium ?

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44. Which is a method of producer’s equilibrium ?

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45. For a firm’s equilibrium:

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46. On which assumption, the law of supply depends ?

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47. If other things being same, what does the positive relationship between price and supply quantity signify ?

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48. The reason of decrease in supply is:

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49. The quantity of a goods which the seller is ready to sell in the market at fixed price and time is called ?

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50. Supply is associated with:

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51. Determinating factor of supply of goods is:

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52. Which of the following statement is true ?

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53. Which of the following function shows the laws of supply ?

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54. Which of the following is correct ?

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55. es = 0 means that elasticity of supply is:

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56. If the price of goods rises by 60% but supply increases by only 5%, the supply of goods will be:

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

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

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

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

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61. The measurement of the elasticity of supply is expressed as:

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62. There are factors of productions:

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63. Fixed cost is also known as:

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64. Supply falls on the same price when:

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65. Active factor of production:

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

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