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MCQs

Total Questions : 60 | Page 1 of 6 pages
Question 1. ________ is an expression of the technological relationship between inputs and outputs of an item.
  1.    Production
  2.    Revenue function
  3.    Production function
  4.    All of the above
 Discuss Question
Answer: Option C. -> Production function


Question 2. _______ refers to the transformation of inputs into output.
  1.    Production
  2.    Revenue function
  3.    Production function
  4.    All of the above
 Discuss Question
Answer: Option A. -> Production


Question 3. Production function specifies_______.
  1.    Maximum output produced with a given output
  2.    Minimum quantity of inputs needed to produce
  3.    Both (a)&(b)
  4.    None of the above
 Discuss Question
Answer: Option C. -> Both (a)&(b)


Question 4. Production function is defined concerning;
  1.    Input
  2.    Technology
  3.    Output
  4.    Entrepreneurship
 Discuss Question
Answer: Option B. -> Technology


Question 5. A period in which output can be changed by changing only variable factors
  1.    Long run
  2.    Short-run
  3.    Fixed run
  4.    Factor run
 Discuss Question
Answer: Option B. -> Short-run


Question 6. Which of the following are fixed inputs?
  1.    Plant
  2.    Machinery
  3.    Building
  4.    All of the above
 Discuss Question
Answer: Option D. -> All of the above


Question 7. ______ refers to a period in which output can be changed by changing all factors of production.
  1.    Long run
  2.    Short-run
  3.    Fixed run
  4.    Factor run
 Discuss Question
Answer: Option A. -> Long run


Question 8. The long-run period is ______ concept.
  1.    Economical
  2.    Functional
  3.    Productional
  4.    None of the above
 Discuss Question
Answer: Option B. -> Functional


Question 9. Factors in the short run are classified as;
  1.    Variable
  2.    Fixed
  3.    Both (a)&(b)
  4.    None of the above
 Discuss Question
Answer: Option C. -> Both (a)&(b)


Question 10. In the short run ______ is more active in price determination.
  1.    Supply
  2.    Demand
  3.    Both (a)&(b)
  4.    None of the above
 Discuss Question
Answer: Option B. -> Demand


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