### MCQs of Theory of Production and Cost

Showing 1 to 10 out of 32 Questions
1.
Theory of production includes :
 (a) Manufacturing (b) Packaging (c) Storing (d) All of these
2.
Term "Utility" is introduced by :
 (a) Adam Smith (b) Daniel Bernoulli (c) Alfred Marshal (d) Philip Kotler
3.
Which is not a type of Utility?
 (a) Form utility (b) Place utility (c) Production utility (d) Possession utility
4.
Transform of raw materials into marketable goods is known as :
 (a) Form utility (b) Place utility (c) Production utility (d) Possession utility
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
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
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
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) $Q=\sqrt{KL}$ (c) (d) All are correct
9.
Which is the Factor of production?
 (a) Land (b) Labour (c) Capital (d) All of these
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.
Showing 1 to 10 out of 32 Questions