MCQ of Ch. 3.1 - Theory of Production, Theory of Production and cost, Economics, GENERAL ECONOMICS | EduRev Notes

Economics for CA CPT

CA Foundation : MCQ of Ch. 3.1 - Theory of Production, Theory of Production and cost, Economics, GENERAL ECONOMICS | EduRev Notes

 Page 1


CONCLUSION 
 
Page 2


CONCLUSION 
 
1. Which of the following is considered 
production in Economics? 
a) Tilling of soil 
b) Singing a song before friends 
c) Preventing a child from falling into a 
manhole on the road 
d) Painting a picture for pleasure 
Ans. (a) 
Page 3


CONCLUSION 
 
1. Which of the following is considered 
production in Economics? 
a) Tilling of soil 
b) Singing a song before friends 
c) Preventing a child from falling into a 
manhole on the road 
d) Painting a picture for pleasure 
Ans. (a) 
2. Identify the correct statement: 
a) The average product is at its maximum when 
marginal product is equal to average product 
b) The law of increasing returns to scale relates 
to the effect of changes in factor proportions 
c) Economies of scale arise only because of 
indivisibilities of factor proportions 
d) Internal economies of scale can accrue only to 
the exporting sector. 
 
 
Ans. (a) 
Page 4


CONCLUSION 
 
1. Which of the following is considered 
production in Economics? 
a) Tilling of soil 
b) Singing a song before friends 
c) Preventing a child from falling into a 
manhole on the road 
d) Painting a picture for pleasure 
Ans. (a) 
2. Identify the correct statement: 
a) The average product is at its maximum when 
marginal product is equal to average product 
b) The law of increasing returns to scale relates 
to the effect of changes in factor proportions 
c) Economies of scale arise only because of 
indivisibilities of factor proportions 
d) Internal economies of scale can accrue only to 
the exporting sector. 
 
 
Ans. (a) 
3. Which of the following is not a 
characteristic of land? 
a) Its supply for the economy is limited 
b) It is immobile 
c) Its usefulness depends on human efforts 
d) It is produced by our forefathers 
 
 
Ans. (d) 
Page 5


CONCLUSION 
 
1. Which of the following is considered 
production in Economics? 
a) Tilling of soil 
b) Singing a song before friends 
c) Preventing a child from falling into a 
manhole on the road 
d) Painting a picture for pleasure 
Ans. (a) 
2. Identify the correct statement: 
a) The average product is at its maximum when 
marginal product is equal to average product 
b) The law of increasing returns to scale relates 
to the effect of changes in factor proportions 
c) Economies of scale arise only because of 
indivisibilities of factor proportions 
d) Internal economies of scale can accrue only to 
the exporting sector. 
 
 
Ans. (a) 
3. Which of the following is not a 
characteristic of land? 
a) Its supply for the economy is limited 
b) It is immobile 
c) Its usefulness depends on human efforts 
d) It is produced by our forefathers 
 
 
Ans. (d) 
4. Which of the following statements is true? 
a) Accumulation of capital depends solely on 
income 
b) Savings can also be affected by the State 
c) External economies go with size and 
internal economies with location 
d) The supply curve of labor is an upward 
sloping curve  
Ans. (b) 
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