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