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Chapter 3Production and Cost.

27 August

August 27, 2020 മലയാളത്തിൽ പരിശീലിക്കാൻ ഇവിടെ ക്ലിക്ക് Objective Type Exam Play a Learning Game Questions and Answers

Chapter 3

Practice Exam

Question

1) A set of all the combinations of the two inputs that yield the same level of output is

Hint

We get same level of output

Answers

Isoquant

PPC

Isocost line

Indifference Curve

Feedback

Smart selection !

Invalid selecion

Invalid click

Wrong choice

Solution

Correct Option (Feedback)
Wrong (Feedback)
Wrong (Feedback)
Wrong (Feedback)

Question

2) Addition to the total product is called

Hint

Additional output from an extra unit of variable input.

Answers

AP (Average Product)

Total Product (TP)

Marginal Product (MP)

None of these

Feedback

Wrong click

Correct option

Correct option

Wrong answer

Solution

Wrong (Feedback)
Wrong (Feedback)
Correct Option (Feedback)
Wrong (Feedback)

Question

3) AC (average cost) is the sum of AFC (average fixed cost) and

Hint

How we get average cost.

Answers

TVC

AVC

TC

MC

Feedback

Its an incorrect option

Correct option selected

Incorrect selection

Wrong click

Solution

Wrong (Feedback)
Correct Option (Feedback)
Wrong (Feedback)
Wrong (Feedback)

Question

4) The shape of AFC curve is

Hint

Think about the shape of AFC curve

Answers

' U ' shape.

Inverted ' U ' shape

Rectangular Hyperbola

' L ' shape

Feedback

Wrong choice

Incorrect option

Correct option

Wrong click

Solution

Wrong (Feedback)
Wrong (Feedback)
Correct Option (Feedback)
Wrong (Feedback)

Question

5) All inputs can be varied in the

Hint

Long run and Short run

Answers

Long run

Short run

Long run and Short run

None of the above

Feedback

Correct option selected

Wrong click

Invalid selection

This is a wrong option

Solution

Correct Option (Feedback)
Wrong (Feedback)
Wrong (Feedback)
Wrong (Feedback)

Question

6) Which of the following cost will be zero when production is stopped ?

Hint

Different type of costs

Answers

AFC

Fixed cost

Variable cost

Total cost

Feedback

Incorrect option

Invalid selection

Correct selection

Wrong click

Solution

Wrong (Feedback)
Wrong (Feedback)
Correct Option (Feedback)
Wrong (Feedback)

Question

7) If input is doubled and output become double, the production function is

Hint

Short run production

Answers

CRS (Constant Returns to Scale)

IRS (Increasing Return to Scale)

DRS (Decreasing Return to Scale)

None of the above

Feedback

Correct option selected

Invalid selection

Wrong click

You made an invalid selection

Solution

Correct Option (Feedback)
Wrong (Feedback)
Wrong (Feedback)
Wrong (Feedback)

Question

8) The relationship between input and output is called

Hint

Related with production

Answers

Utility function

Production function

Consumption function

Demand function

Feedback

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Its a correct selection

Incorrect option

Wrong answer

Solution

Wrong (Feedback)
Correct Option (Feedback)
Wrong (Feedback)
Wrong (Feedback)

Question

9) TP at 5^th unit of labour is 10 and TP at 6^th unit of labour is 12, then MP is

Hint

Marginal Product

Answers

2

22

11

1

Feedback

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It is a wrong selection

Wrong click

Invalid choice

Solution

Correct Option (Feedback)
Wrong (Feedback)
Wrong (Feedback)
Wrong (Feedback)

Question

10) α + β = 1 in the Cobb-Douglas production function exhibits

Hint

Types of production under Cobb-Douglas production function

Answers

IRS

DRS

CRS

None of the above

Feedback

Wrong answer

Incorrect option

This is a correct option

Wrong click

Solution

Wrong (Feedback)
Wrong (Feedback)
Correct Option (Feedback)
Wrong (Feedback)

Question

11) Identify the shape of the following AFC curve

Hint

AFC curve from left to right

Answers

' L ' shape

' U ' Shape

Rectangular Hyperbola

None of the above

Feedback

Invalid option

Wrong click

Right, you are smart !!!

Invalid click

Solution

Wrong (Feedback)
Wrong (Feedback)
Correct Option (Feedback)
Wrong (Feedback)

Question

12) Slope of an isoquant is

Hint

Feature of Isoquant

Answers

Marginal Cost

DMRS

MRS

DMRTS

Feedback

Wrong selection

Incorrect click

Wrong choice

Correct option selected

Solution

Wrong (Feedback)
Wrong (Feedback)
Wrong (Feedback)
Correct Option (Feedback)

Question

13) ΔTC / ΔQ is

Hint

Different cost concepts

Answers

AC

FC

MC

AVC

Feedback

Invalid click

Wrong option

You are correct !

Wrong click

Solution

Wrong (Feedback)
Wrong (Feedback)
Correct Option (Feedback)
Wrong (Feedback)

Question

14) When MP becomes zero, TP

Hint

Relation between TP and MP

Answers

Increases

Decreases

Become maximum

Becomes negative

Feedback

Wrong option

Invalid click

Wow ! Smart selection

Wrong selection

Solution

Wrong (Feedback)
Wrong (Feedback)
Correct Option (Feedback)
Wrong (Feedback)

Question

15) All the following curves are 'U' shaped except

Hint

Shapes of cost curves

Answers

The AFC curve

The AVC curve

The TFC curve

The TVC curve

Feedback

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Wrong selection

Incorrect option

Wrong click

Solution

Correct Option (Feedback)
Wrong (Feedback)
Wrong (Feedback)
Wrong (Feedback)

Question

16) TFC = AFC x

Hint

Which of the following will you select to get TFC?

Answers

TVC

AVC

TFC

Q

Feedback

Wrong answer

Invalid option

Wrong click

Wow ! Correct option

Solution

Wrong (Feedback)
Wrong (Feedback)
Wrong (Feedback)
Correct Option (Feedback)

Question

17) When a firm increased the number of labour from 10 to 11, keeping the capital fixed the total product increased from 120 to 130. Which of the following is statement is correct in this regard ?

Hint

Related with marginal product

Answers

The total product fell

This is a long run production

The average product is rising

10 is the marginal product of an increased unit of labour

Feedback

Wrong option

Incorrect choice

Wrong click

Excellent ! This is correct.

Solution

Wrong (Feedback)
Wrong (Feedback)
Wrong (Feedback)
Correct Option (Feedback)

Question

18) ∞ + β > 1 in the Cobb-Douglas production function exhibits

Hint

Cobb-Douglas production function

Answers

IRS

CRS

DRS

None of the above

Feedback

Correct option.

Invalid click

Its an incorrect selection

Wrong click

Solution

Correct Option (Feedback)
Wrong (Feedback)
Wrong (Feedback)
Wrong (Feedback)

Question

19) Select the odd one

Answers

TVC

TFC

LAC

AFC

Feedback

Incorrect click

Wrong answer

Yes ! Others represents short run costs

This is a wrong click

Solution

Wrong (Feedback)
Wrong (Feedback)
Correct Option (Feedback)
Wrong (Feedback)

Question

20)

Answers

Wages for own labour

Rent for own land

Interest for own capital

Energy cost

Feedback

Wrong answer

Incorrect option

Wrong click

Yes ! others are implicit costs

Solution

Wrong (Feedback)
Wrong (Feedback)
Wrong (Feedback)
Correct Option (Feedback)

Question

21)

Answers

LAC

DRS

IRS

CRS

Feedback

Yes ! Correct option

Wrong choice

Incorrect option

Wrong click

Solution

Correct Option (Feedback)
Wrong (Feedback)
Wrong (Feedback)
Wrong (Feedback)

Question

22)

Answers

AFC

MRS

SMC

MPP

Feedback

Correct choice.

Wrong answer

Incorrect option

Wrong click

Solution

Correct Option (Feedback)
Wrong (Feedback)
Wrong (Feedback)
Wrong (Feedback)

True-False Question

Question 1

23) Average Product Curve is ' U ' shaped

True False

Feedback

False

Question 2

24) The minimum point of AVC lies at the right of the minimum point of AC

True False

Feedback

False

Question 3

25) As AC rises MC is greater than AC

True False

Feedback

True

Question 4

26) MC is undefined at zero level of output

True False

Feedback

True

This practice test is prepared by UAH

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Chapters

Introduction to Micro Economics
Theory of Consumer Behaviour
Production and Cost
Theory of Firm Under Perfect Competition
Market Equilibrium
Non-Competitive Markets
Introduction to Macro Economics
National Income Accounting
Money and Banking
Income Determination
The Government Functions and Scope
Open Economy Macro Economics

Slides

Introduction to Micro Economics
Theory of Consumer Behaviour
Production and Cost
Theory of Firm Under Perfect Competition
Market Equilibrium
Non-Competitive Markets
Introduction to Macro Economics
National Income Accounting
Money and Banking
Income Determination
The Government Functions and Scope
Open Economy Macro Economics

Exams on Chapter 3

Practice Exam
Objective Type Exam
Learning Game

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