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MCQs

Total Questions : 60 | Page 6 of 6 pages
Question 51. A production function is defined as the relationship between ________.
  1.    The quantity of physical inputs and physical output of a firm
  2.    Stock of inputs and stock of output
  3.    Prices of inputs and output
  4.    Price and supply of a firm
 Discuss Question
Answer: Option A. -> The quantity of physical inputs and physical output of a firm


Question 52. The production function is a rela-tionship between a given combination of inputs and:
  1.    Another combination that yields the same output.
  2.    The highest resulting output.
  3.    The increase in output generated by one-unit increase in one output.
  4.    All levels of output that can be generated by those inputs.
 Discuss Question
Answer: Option B. -> The highest resulting output.


Question 53. What is a production function?
  1.    Technical relationship between physical inputs and physical output.
  2.    Relationship between fixed factors of production and variable factors of production.
  3.    Relationship between a factor of production and the utility created by it.
  4.    Relationship between quantity of output produced and time taken to produce the output.
 Discuss Question
Answer: Option A. -> Technical relationship between physical inputs and physical output.


Question 54. Production function is:
  1.    Purely a technical relationship between input & output
  2.    Purely an economic relationship between input & output
  3.    Both the technical &economical relationship between input & output
  4.    None of the above
 Discuss Question
Answer: Option A. -> Purely a technical relationship between input & output


Question 55. The production function:
  1.    Is the relationship between the quantity of inputs used and the resulting quantity of product.
  2.    Tells us the maximum attainable output from a given combination of inputs.
  3.    Expresses the technological relationship between inputs and output of a product.
  4.    All the above.
 Discuss Question
Answer: Option D. -> All the above.


Question 56. ________ shows the overall output generated at a given level of input:
  1.    Cost function
  2.    Production function
  3.    ISO cost
  4.    Marginal rate of technical substitution
 Discuss Question
Answer: Option B. -> Production function


Question 57. Which function shows relationship between input and output?
  1.    Consumption function
  2.    Investment function
  3.    Production function
  4.    Cost function
 Discuss Question
Answer: Option C. -> Production function


Question 58. Which one of the following is the assumption underlying any production function?
  1.    Relationship between inputs and outputs exists for a period of time.
  2.    There is a given “State -of- the act” in the production technology.
  3.    Whatever input combinations one included in a particular function, the output resulting from their utilization is at the maximum level.
  4.    All of the above.
 Discuss Question
Answer: Option D. -> All of the above.


Question 59. The short run, as economists use the phrase, is characterized by:
  1.    At least one fixed factor of pro-duction and firms neither leaving nor entering the industry.
  2.    Generally a period which is shorter than one vear.
  3.    All factors of production are fixed and no variable inputs.
  4.    All inputs are variable and pro-duction is done in less than one year.
 Discuss Question
Answer: Option A. -> At least one fixed factor of pro-duction and firms neither leaving nor entering the industry.


Question 60. In describing a given production technology, the short run is best described as lasting:
  1.    Up to six months from now.
  2.    Up to five years from now.
  3.    As long as all inputs are fixed.
  4.    As long as at least one input is fixed.
 Discuss Question
Answer: Option D. -> As long as at least one input is fixed.


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