Commerce Exam > Commerce Notes > Economics Class 11 > Worksheet: Production and Costs- 1
Worksheet: Production and Costs- 1 | Economics Class 11 - Commerce PDF Download
| Table of contents |
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| Multiple Choice Questions |
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| Match the Following |
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| True or False |
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| Very Short Answers |
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| Short Answers |
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| Long Answers |
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Multiple Choice Questions
Q1: Which of the following is NOT a factor of production?
(a) Land
(b) Money
(c) Labor
(d) Entrepreneurship
Q2: What is the primary goal of production in economics?
(a) Maximizing Costs
(b) Maximizing Profits
(c) Minimizing Labor
(d) Minimizing Production
Q3: Which cost remains constant regardless of the level of production?
(a) Variable Cost
(b) Total Cost
(c) Fixed Cost
(d) Marginal Cost
Q4: What does the Law of Diminishing Marginal Returns state?
(a) Marginal cost decreases as production increases
(b) Marginal cost remains constant as production increases
(c) Marginal cost increases as production increases
(d) Marginal cost is unrelated to production
Q5: Which market structure is characterized by a large number of sellers and buyers, similar products, and easy entry and exit?
(a) Monopoly
(b) Oligopoly
(c) Perfect Competition
(d) Monopolistic Competition
Match the Following
Q1: Match the production term with its corresponding definition:
True or False
Q1: Total cost is the sum of fixed and variable costs.
Q2: Marginal cost is the change in total cost when one more unit is produced.
Q3: Average variable cost decreases as production increases.
Q4: Economic costs include both explicit and implicit costs.
Q5: In perfect competition, firms have control over the market price.
Very Short Answers
Q1: Define Production Function.
Q2: What is Economies of Scale?
Q3: Explain Opportunity Cost.
Q4: Differentiate between Fixed Costs and Variable Costs.
Q5: What is a Production Possibility Curve?
Short Answers
Q1: Explain the Law of Diminishing Marginal Returns.
Q2: Discuss the Relationship between Average Cost and Marginal Cost.
Q3: Explain the Concept of Break-Even Point.
Q4: Discuss the Characteristics of Perfectly Competitive Markets.
Q5: Explain the Concept of Short-Run and Long-Run Production.
Long Answers
Q1: Discuss the Factors Influencing Production Decisions.
Q2: Explain the Concept of Economies and Diseconomies of Scale.
Q3: Discuss the Role of Production Function in Business Decision-Making.
Q4: Explain the Concept of Opportunity Cost with Examples.
Q5: Discuss the Impact of Production Costs on Pricing Strategies.
The document Worksheet: Production and Costs- 1 | Economics Class 11 - Commerce is a part of the Commerce Course Economics Class 11.
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FAQs on Worksheet: Production and Costs- 1 - Economics Class 11 - Commerce
| 1. What are fixed costs in production? |  |
Ans. Fixed costs in production are expenses that do not change regardless of the level of production. These costs include rent, salaries, insurance, and depreciation of equipment.
| 2. How are variable costs different from fixed costs? | |
Ans. Variable costs in production are expenses that change based on the level of production. These costs include raw materials, labor, and utilities.
| 3. What is the total cost of production? | |
Ans. The total cost of production is the sum of fixed costs and variable costs. It represents the overall expenses incurred in producing a certain quantity of goods or services.
| 4. How do economies of scale affect production costs? | |
Ans. Economies of scale occur when the average cost of production decreases as the level of production increases. This is often due to efficiencies gained through higher production volumes.
| 5. How can a firm minimize production costs? | |
Ans. A firm can minimize production costs by optimizing its production processes, negotiating better deals with suppliers, investing in technology to increase efficiency, and exploring opportunities for economies of scale.
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Dec 18, 2024 Last updated |
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