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NCERT Class 11 Economics MCQ Chapter 11 Production and Costs
Also, you can read the NCERT book online in these sections Solutions by Expert Teachers as per Central Board of Secondary Education (CBSE) Book guidelines. NCERT Class 11 Economics Objective Type Solutions are part of All Subject Solutions. Here we have given CBSE Class 11 Economics Multiple Choice Question and Answer, HS First Year Economics MCQ Solutions for All Chapters, You can practice these here.
Production and Costs
Chapter: 11
PART – (B) INTRODUCTORY MICROECONOMICS
MCQ
1. 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.
2. Short-run production function means:
(a) At least one factor is in fixed supply.
(b) Two factors are in fixed supply.
(c) All factors are in fixed supply.
(d) One factor is in variable supply.
Ans: (a) At least one factor is in fixed supply.
3. 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.
4. 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.
5. In this ____________ period, change in all factors of production is possible.
(a) Short.
(b) Long.
(c) Intermediate.
(d) Market.
Ans: (b) Long.
6. 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.
7. When TP is falling, then MP is:
(a) Falling.
(b) Negative.
(c) Zero.
(d) Maximum.
Ans: (b) Negative.
8. When TP is maximum, MP is:
(a) Falling.
(b) Negative.
(c) Zero.
(d) Maximum.
Ans: (c) Zero.
9. When marginal product rises, total product:
(a) Falls.
(b) Rises.
(c) Can rise or can fall.
(d) Remains constant.
Ans: (b) Rises.
10. When TP is at its point of inflexion, the MP is:
(a) Falling.
(b) Negative.
(c) Zero.
(d) Maximum.
Ans: (d) Maximum.
11. When AP = MP, AP is:
(a) Falling.
(b) Negative.
(c) Zero.
(d) Maximum.
Ans: (d) Maximum.
12. 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.
13. When TP increases at increasing rate, MP:
(a) Falls.
(b) Rises.
(c) Remains constant.
(d) None of these.
Ans: (b) Rises.
14. When MP is more than AP:
(a) AP rises.
(b) AP falls.
(c) AP remains constant.
(d) None of these.
Ans: (a) AP rises.
15. Law of Variable Proportions holds when:
(a) State of technology is the same.
(b) All units of variable factor are homogeneous.
(c) There is at least one fixed factor.
(d) All of the above.
Ans: (d) All of the above.
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