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Class 11 Economics MCQ Chapter 11 Production and Costs
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Production and Costs
Chapter: 11
PART – (B) INTRODUCTORY MACROECONOMICS
| MCQ |
1. In production function, production is a function of:
(a) Price.
(b) Factors of Production.
(c) Total Expenditure.
(d) None of these.
Ans: (b) Factors of Production.
2. A production function shows functional relationship between:
(a) Inputs and cost.
(b) Inputs and outputs.
(c) Inputs and price.
(d) None of these.
Ans: (b) Inputs and outputs.
3. The short-run production function refers to a situation where:
(a) At least one factor of production is held constant while other factors can be varied.
(b) Two factors of production are kept constant.
(c) All factors of production are kept constant.
(d) One factor of production is allowed to vary.
Ans: (a) At least one factor of production is held constant while other factors can be varied.
4. In the short-run, which of the following factors can be changed easily?
(a) Fixed factors.
(b) Variable factors.
(c) Both (a) and (b).
(d) Neither (a) nor (b).
Ans: (b) Variable factors.
5. In the short-run, TP changes with the change in:
(a) Fixed factors.
(b) Variable factors.
(c) Economic cost.
(d) All of these.
Ans: (b) Variable factors.
6. Which of the following explains the short-run production function?
(a) Law of Demand.
(b) Law of Variable Proportion.
(c) Returns to Scale.
(d) Elasticity of Demand.
Ans: (b) Law of Variable Proportion.
7. In the long run TP changes with the change in:
(a) Variable factors.
(b) Economic cost.
(c) Fixed factors.
(d) All the factors.
Ans: (d) All the factors.
8. When TP is falling, then MP is:
(a) Falling.
(b) Negative.
(c) Zero.
(d) Maximum.
Ans: (b) Negative.
9. When TP is maximum, MP is:
(a) Falling.
(b) Negative.
(c) Zero.
(d) Maximum.
Ans: (c) Zero.
10. The total cost of production is the sum of fixed and ____ costs.
(a) Average.
(b) Marginal.
(c) Variable.
(d) Direct.
Ans: (iii) Variable.
11. When TP is at its point of inflexion, the MP is:
(a) Falling.
(b) Negative.
(c) Zero.
(d) Maximum.
Ans: (d) Maximum.
12. When AP = MP, AP is:
(a) Falling.
(b) Negative.
(c) Zero.
(d) Maximum.
Ans: (d) Maximum.
13. When the Average Product (AP) is maximum, the Marginal Product (MP) is:
(a) Equal to AP.
(b) Less than AP.
(c) More than AP.
(d) Can be any one of the above.
Ans: (a) Equal to AP.
14. Law of variable proportion explains three stages of production. In the first stage of production:
(a) Both MP and AP rise.
(b) MP rises.
(c) AP Falls.
(d) MP is zero.
Ans: (a) Both MP and AP rise.
15. When MP is more than AP:
(a) AP rises.
(b) AP falls.
(c) AP remains constant.
(d) None of these.
Ans: (a) AP rises.
