Production Function
Economics ⇒ Consumer and Producer Behaviour
Production Function starts at 11 and continues till grade 12.
QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Production Function.
How you perform is determined by your score and the time you take.
When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.
See sample questions for grade 11
Explain the concept of diminishing returns to scale.
Explain the concept of isoquants in the context of production function.
Explain the concept of technological change in the context of production function.
Explain the difference between fixed and variable factors of production with examples.
If a firm increases labour from 4 to 5 units and total product increases from 80 to 90 units, what is the marginal product of the 5th unit of labour?
If a firm increases the number of workers from 5 to 6 and output increases from 100 units to 120 units, what is the marginal product of the 6th worker?
If a production function exhibits constant returns to scale, what happens to output if all inputs are tripled?
If the total product is 200 units and 10 units of labour are used, what is the average product of labour?
If a firm doubles all its inputs and output also doubles, what type of returns to scale is it experiencing? (1) Increasing, (2) Constant, (3) Decreasing, (4) Negative
Which of the following best describes the short run in production? (1) All inputs are variable, (2) At least one input is fixed, (3) All inputs are fixed, (4) No input is used
Which of the following is a fixed factor in the short run? (1) Raw materials, (2) Labour, (3) Factory building, (4) Power
Which of the following is an example of a variable factor? (1) Land, (2) Machinery, (3) Labour, (4) Factory building
Fill in the blank: Returns to scale refer to the change in output when ______ inputs are changed in the same proportion.
Fill in the blank: The average product is the ______ output per unit of a variable input.
Fill in the blank: The law of variable proportions is also known as the law of ______ returns.
Fill in the blank: The marginal rate of technical substitution (MRTS) measures the rate at which one input can be substituted for another while keeping ______ constant.
State whether the following statement is true or false: In the long run, all factors of production are variable.
State whether the following statement is true or false: In the long run, the scale of production can be changed.
State whether the following statement is true or false: Isoquants are downward sloping from left to right.
State whether the following statement is true or false: The law of diminishing marginal returns is a universal law in production.
