All Courses
Get the App Signup / Login
Sign in Open App
B Com Exam  >  B Com Tests  >  Business Economics & Finance  >  Test: Production Analysis - 1 - B Com MCQ

Test: Production Analysis - 1 - B Com MCQ


Test Description

10 Questions MCQ Test Business Economics & Finance - Test: Production Analysis - 1

Test: Production Analysis - 1 for B Com 2024 is part of Business Economics & Finance preparation. The Test: Production Analysis - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Production Analysis - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Production Analysis - 1 below.
Solutions of Test: Production Analysis - 1 questions in English are available as part of our Business Economics & Finance for B Com & Test: Production Analysis - 1 solutions in Hindi for Business Economics & Finance course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Production Analysis - 1 | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Business Economics & Finance for B Com Exam | Download free PDF with solutions
Test: Production Analysis - 1 - Question 1
Save

What is the primary purpose of economic activity?

Detailed Solution for Test: Production Analysis - 1 - Question 1
The primary purpose of economic activity is to satisfy the demand for transformed resources, which includes goods and services that people want and need.
Test: Production Analysis - 1 - Question 2
Save

According to the law of variable proportions, in which stage of production does the law become applicable?

Detailed Solution for Test: Production Analysis - 1 - Question 2
The law of variable proportions becomes applicable in the second stage of production, where marginal product starts to diminish while average product is still positive.
1 Crore+ students have signed up on EduRev. Have you? Download the App
Test: Production Analysis - 1 - Question 3
Save

What is the main cause of the application of the law of variable proportions?

Detailed Solution for Test: Production Analysis - 1 - Question 3
The main cause of the application of the law of variable proportions is the fixity of at least one factor of production, such as land or machinery.
Test: Production Analysis - 1 - Question 4
Save
What happens to the marginal product of a factor as more units of that factor are employed?
Detailed Solution for Test: Production Analysis - 1 - Question 4
The marginal product of a factor first increases and then diminishes as more units of that factor are employed, following the law of variable proportions.
Test: Production Analysis - 1 - Question 5
Save
In economics, what qualifies as production?
Detailed Solution for Test: Production Analysis - 1 - Question 5
In economics, production refers to any activity that satisfies wants through exchange, meaning it creates goods and services that people are willing to buy.
Test: Production Analysis - 1 - Question 6
Save
In which stage of production is the efficiency of the variable factor increasing, while the efficiency of the fixed factor is also increasing?
Detailed Solution for Test: Production Analysis - 1 - Question 6
In the first stage of production, the efficiency of the variable factor is increasing, and the efficiency of the fixed factor (such as land) is also increasing.
Test: Production Analysis - 1 - Question 7
Save
What is the total product of a factor?
Detailed Solution for Test: Production Analysis - 1 - Question 7
The total product of a factor is the amount of total output produced by a single factor, with all other factors held constant.
Test: Production Analysis - 1 - Question 8
Save
In which stage of production does the law of diminishing returns firmly manifest itself?
Detailed Solution for Test: Production Analysis - 1 - Question 8
The law of diminishing returns firmly manifests itself in the third stage of production, where marginal product becomes negative.
Test: Production Analysis - 1 - Question 9
Save
What is the objective of production according to the definition provided?
Detailed Solution for Test: Production Analysis - 1 - Question 9
The objective of production, as per the definition provided, is to satisfy the demand for transformed resources, which includes goods and services.
Test: Production Analysis - 1 - Question 10
Save
What is the condition for the postponement of the law of variable proportions?
Detailed Solution for Test: Production Analysis - 1 - Question 10
The postponement of the law of variable proportions can occur when there is a perfect substitution of factors, meaning one factor can be easily replaced by another.
71 videos|80 docs|23 tests
Join Course
Information about Test: Production Analysis - 1 Page
In this test you can find the Exam questions for Test: Production Analysis - 1 solved & explained in the simplest way possible. Besides giving Questions and answers for Test: Production Analysis - 1, EduRev gives you an ample number of Online tests for practice
71 videos|80 docs|23 tests
Join Course
Download as PDF

Important Questions for Production Analysis - 1

Find all the important questions for Production Analysis - 1 at EduRev.Get fully prepared for Production Analysis - 1 with EduRev's comprehensive question bank and test resources. Our platform offers a diverse range of question papers covering various topics within the Production Analysis - 1 syllabus. Whether you need to review specific subjects or assess your overall readiness, EduRev has you covered. The questions are designed to challenge you and help you gain confidence in tackling the actual exam. Maximize your chances of success by utilizing EduRev's extensive collection of Production Analysis - 1 resources.

Production Analysis - 1 MCQs with Answers

Prepare for the Production Analysis - 1 within the B Com exam with comprehensive MCQs and answers at EduRev. Our platform offers a wide range of practice papers, question papers, and mock tests to familiarize you with the exam pattern and syllabus. Access the best books, study materials, and notes curated by toppers to enhance your preparation. Stay updated with the exam date and receive expert preparation tips and paper analysis. Visit EduRev's official website today and access a wealth of videos and coaching resources to excel in your exam.

Online Tests for Production Analysis - 1 Business Economics & Finance

Practice with a wide array of question papers that follow the exam pattern and syllabus. Our platform offers a user-friendly interface, allowing you to track your progress and identify areas for improvement. Access detailed solutions and explanations for each test to enhance your understanding of concepts. With EduRev's Online Tests, you can build confidence, boost your performance, and ace Production Analysis - 1 with ease. Join thousands of successful students who have benefited from our trusted online resources.
© EduRev
Education Revolution
Follow Us
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup