1. |
Theory of production includes :
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Answer:
Option (d) |
2. |
Term "Utility" is introduced by :
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Answer:
Option (b) |
3. |
Which is not a type of Utility?
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Answer:
Option (c) |
4. |
Transform of raw materials into marketable goods is known as :
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Answer:
Option (a) |
5. |
The statement "Measurement of utility is quantitative like other mathematical variables like height, weight, etc…" is correct for :
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Answer:
Option (a) |
6. |
The statement "Utility cannot be measured numerically, it can only be ranked as 1, 2, 3 and so on" is correct for :
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Answer:
Option (b) |
7. |
The relation between physical output of a production process to physical inputs is known as :
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Answer:
Option (c) |
8. |
Which is the correct example of a production function? (Consider Q = quantity of output, K = capital and L = labor)
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Answer:
Option (d) |
9. |
Which is the Factor of production?
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Answer:
Option (d) |
10. |
Which is not a correct assumption for the law of variable proportions?
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Answer:
Option (c) |