NCERT_CLASS_12_ECONOMICS_MICROECONOMICS

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NCERT stands for National Council of Educational Research and Training. The National Council of Educational Research and Training (NCERT), http://ncert.nic.in/, is an autonomous institution that works for the advancement of school education under the auspices of the Indian government. The curriculum and textbooks established by NCERT are followed by CBSE board and several state boards schools such as UP Board, MP Board, Gujarat Board, Bihar, Uttarakhand, and many other state boards schools.

CHAPTER .3 PRODUCTION AND COSTS
Total number of Questions 05

1. Take a look at the following statement.

  1. Production is the process of converting inputs into 'outputs.'
  2. The production function displays the greatest amount of output that
    may be produced by combining multiple inputs.
  3. The costing function It displays the firm's minimum cost for each
    level of output.

Select the incorrect response.

 
 
 
 

2. Which statement describes how some production parameters
are constant and others are variable?

  1. Short-term.
  2. LONG RUNNING

Select the correct response.

 
 
 
 

3. What changes will occur in marginal product when
total product grows at a slower rate?

Select the most effective response.

 
 
 
 

4. Which of the following statements best describes the function of production?

 
 
 
 

5. If the marginal product of labour is less than the average product
of labour, the following statements must be true:

 
 
 
 

Question 1 of 5

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