Q.61)-In Economics, Production means-
- Manufacturing
- Making
- Creating utility
- Forming
Q.62)-The production function relates to-
- Costs to outputs
- Costs to inputs
- Inputs to Outputs
- Wage level to profits
Q.63)-Isoquants that are downward-sloping straight lines imply that the inputs-
- Are perfect substitutes
- Are imperfect substitutes
- Cannot be used together
- Must be used together in a certain proportion
Q.64)-It is prudent to determine the size of the output when the industry is operation in the stage of-
- Increasing returns
- Constant returns
- Diminishing returns
- Negative returns
Q.65)-The four factors of production are-
- Land,Labour, Capital, Organisation
- Land, Electericity, Water, Labour
- Labour, Capital, Land, Rainfall
- Labour, Climate, Land, Tools
Q.66)-Minimum payment to factor of production is called-
- Quasi Rent
- Rent
- Wages
- Transfer payment
Q.67)-Surplus earned by a factor other than land in the short period is reffered to as-
- Economic rent
- Net rent
- Quasi-rent
- Super-normal rent
Q.68)-An isoquant represents levels of capital and labor that-
- have constant marginal productivity
- yield the same level of output
- incur the same total cost
- All of the above
Q.69)-Given the money wages,if the price level in an economy increases, then the real wages will-
- Increase
- Decrease
- Remain constant
- Become flexible
Q.70)-Quasi rent is a _____________ phenomenon.
- Medium
- Long-term
- Short-term
- No time