Principles Of Economics And Management (3140709) MCQs

MCQs of Theory of Production and Cost

Showing 1 to 10 out of 32 Questions
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1.
Theory of production includes :
(a) Manufacturing
(b) Packaging
(c) Storing
(d) All of these
Answer:

Option (d)

2.
Term "Utility" is introduced by :
(a) Adam Smith
(b) Daniel Bernoulli
(c) Alfred Marshal
(d) Philip Kotler
Answer:

Option (b)

3.
Which is not a type of Utility?
(a) Form utility
(b) Place utility
(c) Production utility
(d) Possession utility
Answer:

Option (c)

4.
Transform of raw materials into marketable goods is known as :
(a) Form utility
(b) Place utility
(c) Production utility
(d) Possession utility
Answer:

Option (a)

5.
The statement "Measurement of utility is quantitative like other mathematical variables like height, weight, etc…" is correct for :
(a) Cardinal Utility concept
(b) Ordinal Utility concept
(c) Material Utility concept
(d) General Utility concept
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 :
(a) Cardinal Utility concept
(b) Ordinal Utility concept
(c) Material Utility concept
(d) General Utility concept
Answer:

Option (b)

7.
The relation between physical output of a production process to physical inputs is known as :
(a) Consumption function
(b) Utilization function
(c) Production function
(d) Sals function
Answer:

Option (c)

8.
Which is the correct example of a production function? (Consider Q = quantity of output, K = capital and L = labor)
(a) Q=K+L
(b) Q=KL
(c) Q=min(K, L)
(d) All are correct
Answer:

Option (d)

9.
Which is the Factor of production?
(a) Land
(b) Labour
(c) Capital
(d) All of these
Answer:

Option (d)

10.
Which is not a correct assumption for the law of variable proportions?
(a) Only one factor is variable while others are held constant.
(b) There is no change in technology.
(c) It assumes a long-run situation.
(d) It is possible to vary the proportions in which different inputs are combined.
Answer:

Option (c)

Showing 1 to 10 out of 32 Questions
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