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Class 11 Economics MCQ Chapter 5 Production Function
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Production Function
Chapter: 5
| PART – A : MICROECONOMICS |
Choose the Correct Option:
1. What is production?
(a) Selling goods.
(b) Creating demand.
(c) Converting inputs into output.
(d) Increasing price.
Ans: (c) Converting inputs into output.
2. Which of the following is considered an input in production?
(a) Goods.
(b) Output.
(c) Land.
(d) Profit.
Ans: (c) Land.
3. The process by which inputs are transformed into output is called:
(a) Marketing.
(b) Distribution.
(c) Production.
(d) Labour.
Ans: (c) Production.
4. What is the final result of the production process?
(a) Demand.
(b) Output.
(c) Capital.
(d) Consumption.
Ans: (b) Output.
5. Which term refers to the entire process of producing goods?
(a) Output.
(b) Production.
(c) Selling.
(d) Consumption.
Ans: (b) Production.
6. What does the production function show?
(a) Cost of production.
(b) Revenue from sales.
(c) Input-output relationship.
(d) Selling techniques.
Ans: (c) Input-output relationship.
7. The inputs used in production are also called:
(a) Outputs.
(b) Factors of production.
(c) Capital goods.
(d) Final goods.
Ans: (b) Factors of production.
8. The formula of the production function is:
(a) q = x + y.
(b) q = Px × Qx.
(c) q = f(x₁, x₂).
(d) q = TR − TC.
Ans: (c) q = f(x₁, x₂).
9. If x₁ and x₂ are inputs, what does “q” represent in the function?
(a) Quantity of input.
(b) Profit.
(c) Total revenue.
(d) Quantity of output.
Ans: (d) Quantity of output.
10. What type of relationship does the production function express?
(a) Legal.
(b) Economic.
(c) Technical.
(d) Political.
Ans: (c) Technical.
11. The production function relates:
(a) Income and output.
(b) Inputs and outputs.
(c) Cost and revenue.
(d) Price and demand.
Ans: (b) Inputs and outputs.
12. The production function is a:
(a) Psychological concept.
(b) Physical concept.
(c) Monetary concept.
(d) Financial concept.
Ans: (b) Physical concept.
13. What is not included in the production function?
(a) Value of inputs.
(b) Cost of labour.
(c) Market price.
(d) Technical relation.
Ans: (c) Market price.
14. Who uses the production function to find input-output combinations?
(a) Farmer.
(b) Manager.
(c) Technician.
(d) Customer.
Ans: (b) Manager.
15. Production function is determined by:
(a) Consumer demand.
(b) Government policy.
(c) Price level.
(d) State of technology.
Ans: (d) State of technology.
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