Theory of production, costs & revenue – Test 2

According to___________, “Production is a process by which goods and services are created”

The factors of production may be defined as resources which help the firms to produce goods or services.

Which of the following is considered production in economics?

Which of the following cannot be treated as factor of production?

Which of the following is not a determinant of the firm’s cost function?

Which of the following cannot be treated as factor of production?

Which of the following factor of production is free gift of nature?

Which of the following statement is true?

In economics, land includes natural resources-
(I) On the surface like soil, agricultural land
(II) Below the surface like mineral resources, rocks, ground water
(III) Above the surface like climate, rain, space monitoring
Select the correct answer from the options given below-

Which of the following is not true regarding ‘land’ as a factor of production?

Supply of land is_________

Which of the following is true regarding ‘land’ as a factor of production?

The production is a relationship between a given combination of inputs and

Which of the following is not a characteristic of land?

Which of the following statements is correct?

In economics, the term labour means human effort or activity which includes-

Which of the following is silent feature of ‘Labour’ as factor of production?

Which of the following is silent feature of ‘Labour’ as factor of production?

Which of the following is silent feature of ‘Labour’ as factor of production?

In economics, the term ‘Capital’ means-

Which factors of production brings the other factors of production to produce economic goods and services.

The functional relationship between input and output is known as-

The production function is a relationship between a given combination of inputs and:……..

Which of the following is the best definition of the “production function”?

What is a production process?