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Theory Of Production And Cost

Explore key concepts in economics through the 'Theory of Production and Cost' quiz. This quiz assesses understanding of production elements, cost analysis, and economic factors influencing production with real-world agricultural...

Questions: 81 | Attempts: 5297 | Last updated: Aug 27, 2024

Sample Question 1
Which of the following is considered production in Economics?

Tilling of soil.

Singing a song before friends.

Preventing a child from falling into a manhole on the road.

Painting a picture for pleasure.

Sample Question 2
Identify the correct statement :

The average product is at its maximum when marginal product is equal to average product.

The law of increasing returns to scale relates to the effect of changes in factor proportions.

Economies of scale arise only because of indivisibilities of factor proportions.

Internal economies of scale can accrue only to the exporting sector.

Sample Question 3
Which of the following is not a characteristic of land?

Its supply for the economy is limited.

It is immobile.

Its usefulness depends on human efforts.

It is produced by our forefathers.

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