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MCQs

Total Questions : 60 | Page 4 of 6 pages
Question 31. What is Production is Economics
  1.    Creating/Addition of Utility
  2.    Production of food grains
  3.    Creation of services
  4.    Manufacturing of goods
 Discuss Question
Answer: Option A. -> Creating/Addition of Utility


Question 32. Which of the following is considered as production in economics?
  1.    Helping a blind person in crossing the road
  2.    Group dance performance in a college annual function
  3.    Holding a child who is falling from a wall
  4.    Performing an art in a theatre
 Discuss Question
Answer: Option D. -> Performing an art in a theatre


Question 33. Which of the following is considered production in Economics?
  1.    Tilling of soil.
  2.    Singing a song before friends.
  3.    Preventing a child from falling into a manhole on the road.
  4.    Painting a picture for pleasure.
 Discuss Question
Answer: Option A. -> Tilling of soil.


Question 34. Which of the following statements is true?
  1.    The services of a doctor are considered production.
  2.    Man can create matter.
  3.    The services of a housewife are considered production.
  4.    When a man creates a table, he creates matter.
 Discuss Question
Answer: Option A. -> The services of a doctor are considered production.


Question 35. In Economics, entire process of ________ is nothing but creation of utilities in the form of goods and services.
  1.    Consumption
  2.    Production
  3.    Exchange
  4.    Distribution
 Discuss Question
Answer: Option B. -> Production


Question 36. Production is defined as:
  1.    Creation of matter
  2.    Creation of utility in matter
  3.    Creation of infrastructural facilities
  4.    None of the above
 Discuss Question
Answer: Option B. -> Creation of utility in matter


Question 37. According to ________, Production is the organized activity of transforming resources into finished products in the form of goods and services, and the objective of production is to satisfy the demand of such transformed “resources”.
  1.    James Bates
  2.    J.R. Parkinson
  3.    Marshall
  4.    Both (a) and (b)
 Discuss Question
Answer: Option D. -> Both (a) and (b)


Question 38. _______ to exchange in the market is an essential component of production.
  1.    Intention
  2.    Ability
  3.    Capacity
  4.    Possibility
 Discuss Question
Answer: Option A. -> Intention


Question 39. Production does not include work done ________.
  1.    Within a household out of love & affection
  2.    Voluntary services
  3.    For self consumption
  4.    All of the above.
 Discuss Question
Answer: Option D. -> All of the above.


Question 40. Factors of production refer to :
  1.    Inputs
  2.    Outputs
  3.    Both (a) & (b)
  4.    Either (a) or (b)
 Discuss Question
Answer: Option A. -> Inputs


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