MCQ Questions for Class 11 Business Studies with Answers Chapter Wise PDF Download

Get Chapter Wise MCQ Questions for Class 11 Business Studies with Answers PDF Free Download prepared here according to the latest CBSE syllabus and NCERT curriculum https://ncert.nic.in/. Students can practice CBSE Class 11 Business Studies MCQs Multiple Choice Questions with Answers to score good marks in the examination.

Class 11 Business Studies MCQs Multiple Choice Questions with Answers

Practicing these CBSE NCERT Objective MCQ Questions of Class 11 Business Studies with Answers Pdf will guide students to do a quick revision for all the concepts present in each chapter and prepare for final exams.

  1. Nature and Purpose of Business Class 11 MCQ Questions
  2. Forms of Business Organisation Class 11 MCQ Questions
  3. Private, Public and Global Enterprises Class 11 MCQ Questions
  4. Business Services Class 11 MCQ Questions
  5. Emerging Modes of Business Class 11 MCQ Questions
  6. Social Responsibilities of Business and Business Ethics Class 11 MCQ Questions
  7. Formation of a Company Class 11 MCQ Questions
  8. Sources of Business Finance Class 11 MCQ Questions
  9. Small Business Class 11 MCQ Questions
  10. Internal Trade Class 11 MCQ Questions
  11. International Business 1 Class 11 MCQ Questions
  12. International Business 2 Class 11 MCQ Questions

Students can also Check below CS Executive Business Important Questions and Answers

CS Executive MCQ & Important Questions and Answers 

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MCQ Questions for Class 12 Maths with Answers Chapter Wise PDF Download

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Class 12 Maths MCQs Multiple Choice Questions with Answers

Practicing these CBSE NCERT Objective MCQ Questions of Class 12 Maths with Answers Pdf will guide students to do a quick revision for all the concepts present in each chapter and prepare for final exams.

  1. Relations and Functions Class 12 MCQ Questions
  2. Inverse Trigonometric Functions Class 12 MCQ Questions
  3. Matrices Class 12 MCQ Questions
  4. Determinants Class 12 MCQ Questions
  5. Continuity and Differentiability Class 12 MCQ Questions
  6. Application of Derivatives Class 12 MCQ Questions
  7. Integrals Class 12 MCQ Questions
  8. Application of Integrals Class 12 MCQ Questions
  9. Differential Equations Class 12 MCQ Questions
  10. Vector Algebra Class 12 MCQ Questions
  11. Three Dimensional Geometry Class 12 MCQ Questions
  12. Linear Programming Class 12 MCQ Questions
  13. Probability Class 12 MCQ Questions

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MCQ Questions for Class 11 Accountancy with Answers Chapter Wise PDF Download

Get Chapter Wise MCQ Questions for Class 11 Accountancy with Answers PDF Free Download prepared here according to the latest CBSE syllabus and NCERT curriculum https://ncert.nic.in/. Students can practice CBSE Class 11 Accountancy MCQs Multiple Choice Questions with Answers to score good marks in the examination.

Class 11 Accountancy MCQs Multiple Choice Questions with Answers

Practicing these CBSE NCERT Objective MCQ Questions of Class 11 Accountancy with Answers Pdf will guide students to do a quick revision for all the concepts present in each chapter and prepare for final exams.

MCQ Questions for Class 11 Accountancy: Financial Accounting

  1. Introduction to Accounting Class 11 MCQ
  2. Theory Base of Accounting Class 11 MCQ
  3. Recording of Transactions 1 Class 11 MCQ
  4. Recording of Transactions 2 Class 11 MCQ
  5. Bank Reconciliation Statement Class 11 MCQ
  6. Trial Balance and Rectification of Errors Class 11 MCQ
  7. Depreciation, Provisions and Reserves Class 11 MCQ
  8. Bills of Exchange Class 11 MCQ
  9. Financial Statements 1 Class 11 MCQ
  10. Financial Statements 2 Class 11 MCQ
  11. Accounts from Incomplete Records Class 11 MCQ
  12. Applications of Computers in Accounting Class 11 MCQ
  13. Computerised Accounting System Class 11 MCQ
  14. Structuring Database for Accounting Class 11 MCQ
  15. Accounting System Using Database Management System Class 11 MCQ

Students can also Check below CS Executive Accounting MCQ Questions and Answers

CS Executive MCQ & Important Questions and Answers 

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MCQ Questions for Class 11 Economics Chapter 6 Non-competitive Markets with Answers

Check the below NCERT MCQ Questions for Class 11 Economics Chapter 6 Non-competitive Markets with Answers Pdf free download. MCQ Questions for Class 11 Economics with Answers were prepared based on the latest exam pattern. We have provided Non-competitive Markets Class 11 Economics MCQs Questions with Answers to help students understand the concept very well. https://mcqquestions.guru/mcq-questions-for-class-11-economics-chapter-6/

Non-competitive Markets Class 11 MCQs Questions with Answers

MCQ Questions For Class 11 Economics Chapter 6 Question 1.
Which of the following is not the feature of an imperfect competition?
(a) Large number of buyers
(b) Single seller
(c) Homogeneous products
(d) Price maker

Answer

Answer: (c) Homogeneous products
Explanation:
A homogeneous product is one that cannot be distinguished from competing products from different suppliers. In other words, the product has essentially the same physical characteristics and quality as similar products from other suppliers. One product can easily be substituted for the other.


Chapter 6 Economics Class 11 MCQ Question 2.
A monopolist is a price
(a) Acceptor
(b) Taker
(c) Giver
(d) Maker

Answer

Answer: (d) Maker
Explanation:
A monopoly firm is a price maker or price setter because it is the sole producer of a product.This is in contrast to a competitive firm which is a price taker with zero market power. Because in the monopoly, there is only one seller for the product, any one who wants to buy the product must buy it from the monopolist.


Ch 6 Economics Class 11 MCQ Question 3.
The firm and the industry are one and the same in:
(a) Monopolistic competition
(b) Monopoly
(c) Duopoly
(d) Oligopoly

Answer

Answer: (b) Monopoly
Explanation:
A type of market structure, where the firm has absolute power to produce and sell a product or service having no close substitutes. In simple terms, monopolised market is one where there is a single seller, selling a product with no near substitutes to a large number of buyers. As the firm and industry are one and the same thing in the monopoly market, so it is a single-firm industry. There is zero or negative cross elasticity of demand for a monopoly product. Monopoly can be found in public utility services such as telephone, electricity and so on.


MCQ Questions For Class 11 Economics Ch 6 Question 4.
Which of the following is not a characteristic feature of imperfect competition?
(a) Prices vary from seller to seller
(b) All the products are homogeneous
(c) Profits of the seller is included in the price
(d) None of above

Answer

Answer: (b) All the products are homogeneous
Explanation:
Imperfect competition is a competitive market situation where there are many sellers, but they are selling heterogeneous (dissimilar) goods as opposed to the perfect competitive market scenario. As the name suggests, competitive markets that are imperfect in nature.


Class 11 Economics Chapter 6 MCQ Question 5.
Market which has two firms is known as
(a) Duopoly
(b) Monopolistic Competition
(c) Oligopoly
(d) None of These

Answer

Answer: (a) Duopoly
Explanation:
Oligopoly is a market structure with a small number of firms, none of which can keep the others from having significant influence. The concentration ratio measures the market share of the largest firms. A monopoly is one firm, duopoly is two firms and oligopoly is two or more firms.


MCQ On Market Chapter 6 Class 11 Question 6.
Under which of the following forms of market structure a firm has no control over the price of its product?
(a) Monopoly
(b) Perfect competition
(c) Oligopoly
(d) Monopolistic competition

Answer

Answer: (b) Perfect competition
Explanation:
Pure or perfect competition is a theoretical market structure in which the following criteria are met: All firms sell an identical product (the product is a “commodity” or “homogeneous”). All firms are price takers (they cannot influence the market price of their product). Market share has no influence on prices.


Question 7.
Oligopoly having identical products is known as
(a) Pure oligopoly
(b) Collusive oligopoly
(c) Independent oligopoly
(d) None of above

Answer

Answer: (a) Pure oligopoly


Question 8.
Price discrimination can take place only in
(a) Perfect competition
(b) Oligopoly
(c) Monopolistic competition
(d) Monopoly

Answer

Answer: (d) Monopoly


Question 9.
Which market have characteristic of product differentiation
(a) Monopolistic competition
(b) Oligopoly
(c) Monopoly
(d) Perfect competition

Answer

Answer: (a) Monopolistic competition
Explanation:
Monopolistic competition occurs when an industry has many firms offering products that are similar but not identical. Firms in monopolistic competition typically try to differentiate their product in order to achieve in order to capture above market returns.


Question 10.
Under monopoly form of market, TR is maximum when
(a) MR is maximum
(b) MR < 0
(c) MR > 0
(d) MR is zero

Answer

Answer: (d) MR is zero
Explanation:
Marginal revenue means additional revenue generate/received from the sale of additional unit of output.In imperfect (monopoly) when TR increases MR decreases , when TR become maximum MR reaches to zero.


We hope the given NCERT MCQ Questions for Class 11 Economics Chapter 6 Non-competitive Markets with Answers Pdf free download will help you. If you have any queries regarding CBSE Class 11 Economics Non-competitive Markets MCQs Multiple Choice Questions with Answers, drop a comment below and we will get back to you soon.

MCQ Questions for Class 11 Economics Chapter 3 Production and Costs with Answers

Check the below NCERT MCQ Questions for Class 11 Economics Chapter 3 Production and Costs with Answers Pdf free download. MCQ Questions for Class 11 Economics with Answers were prepared based on the latest exam pattern. We have provided Production and Costs Class 11 Economics MCQs Questions with Answers to help students understand the concept very well. https://mcqquestions.guru/mcq-questions-for-class-11-economics-chapter-3/

Production and Costs Class 11 MCQs Questions with Answers

MCQ Questions For Class 11 Economics Chapter 3 Question 1.
In production function, production is a function of:
(a) Price
(b) Factors of Production
(c) Total Expenditure
(d) None of these

Answer

Answer: (b) Factors of Production


MCQ Questions For Class 11 Economics Ch 3 Question 2.
The basic reason of operating the Law of Diminishing Returns is:
(a) Scarcity of Factors
(b) Imperfect Substitution between Factors
(c) Both (a) and (b)
(d) None of the above

Answer

Answer: (c) Both (a) and (b)


Ch 3 Economics Class 11 MCQ Production and Costs Question 3.
Which of the following explains the short-run production function ?
(a) Law of Demand
(b) Law of Variable Proportion
(c) Returns to Scale
(d) Elasticity of Demand

Answer

Answer: (b) Law of Variable Proportion


Cost Class 11 MCQ Chapter 3 Question 4.
Long-run production function is related to:
(a) Law of Demand
(b) Law of Increasing Returns
(c) Laws of Returns to Scale
(d) Elasticity of Demand

Answer

Answer: (c) Laws of Returns to Scale


Chapter 3 Economics Class 11 MCQ Question 5.
In which stage of production a rational producer likes to operate in shot-run production ?
(a) First Stage
(b) Second Stage
(c) Third Stage
(d) None of these

Answer

Answer: (b) Second Stage


Cost MCQ Class 11 Chapter 3 Question 6.
Law of variable proportion explains three stages of production. In the first stage of production:
(a) Both MP and AP rise
(b) MP rises
(c) AP Falls
(d) MP is zero

Answer

Answer: (a) Both MP and AP rise


Production And Cost MCQ Chapter 3 Question 7.
At which time all the factors of production may be changed ?
(a) Short run
(b) Long run
(c) Very Long run
(d) All the three

Answer

Answer: (b) Long run


Chapter 3 Economics Class 11 MCQ Question 8.
Production function is expressed as:
(a) Qx = Px
(b) Qx = f(A, B, C, D)
(c) Qx = Dx
(d) None of these

Answer

Answer: (b) Qx = f(A, B, C, D)


MCQ On Production And Cost Chapter 3 Question 9.
Which factors among following we find in short-run production process ?
(a) Fixed Factors
(b) Variable Factors
(c) Both (a) and (b)
(d) None of these

Answer

Answer: (c) Both (a) and (b)


Production And Cost Class 11 MCQ Chapter 3 Question 10.
The cycle which increases first and after being constant starts to reduce is called :
(a) APP
(b) MPP
(c) TPP
(d) All of these

Answer

Answer: (d) All of these


Question 11.
Which of the following is a saurce of production ?
(a) Land
(b) Labour
(c) Capital
(d) All of these

Answer

Answer: (d) All of these


Question 12.
Law of variable proportion is related to :
(a) Both short-run and long run
(b) Long-run
(c) Short-run
(d) Very Long-run

Answer

Answer: (c) Short-run


Question 13.
An active factor of production is:
(a) Capital
(b) Labour
(c) Land
(d) None of these

Answer

Answer: (b) Labour


Question 14.
If all the factors of production are increased by same proportion and as a result output increases by a greater proportion than it is called :
(a) Constant returns to scale
(b) Decreasing returns to scale
(d) All of these
(d) None of these

Answer

Answer: (d) All of these


Question 15.
Which of the following is included in money cost ?
(a) Normal Profit
(b) Explicit Cost
(c) Implicit Cost
(d) All of these

Answer

Answer: (d) All of these


Question 16.
Which of the following is not fixed cost ?
(a) Insurance Premium
(b) Interest
(c) Cost of Raw Material
(d) Rent of the Factory

Answer

Answer: (c) Cost of Raw Material


Question 17.
With the increase in production the difference between total cost and total fixed cost:
(a) Remains Constant
(b) Increases
(c) Decreases
(d) Both Increases or Decreases

Answer

Answer: (b) Increases


Question 18.
Changes in production quantity affect:
(a) Both Fixed and Variable Cost
(b) Only Variable Cost
(c) Only Fixed Cost
(d) None of the above

Answer

Answer: (b) Only Variable Cost


Question 19.
What happens when production is shut down ?
(a) Fixed Cost Increases
(b) Variable Costs Decline
(c) Variable Costs become zero
(d) Fixed Costs become zero

Answer

Answer: (c) Variable Costs become zero


Question 20.
The alternative name of opportunity cost is:
(a) Economic Cost
(b) Equilibrium Price
(c) Marginal Cost
(d) Average Cost

Answer

Answer: (a) Economic Cost


Question 21.
When average cost is decreasing what status marginal cost has as compared to average cost ?
(a) MC > AC
(b) MC = AC
(c) MC ≤ AC
(d) MC ≠ AC

Answer

Answer: (c) MC ≤ AC


Question 22.
Which statement of the following is true ?
(a) AC=TFC – TVC
(b) AC = AFC + TVC
(c) AC=TFC + AVC
(d) AC = AFC + AVC

Answer

Answer: (d) AC = AFC + AVC


Question 23.
What is an opportunity cost ?
(a) The alternative foregon
(b) The opportunity lost
(c) Transfer earnings
(d) All of these

Answer

Answer: (d) All of these


Question 24.
The shape of average cost curve is :
(a) U-shaped
(b) Reactangular Hyperbola shaped
(c) Line parallel to x-axis
(d) None of these

Answer

Answer: (a) U-shaped


Question 25.
The average fixed cost at 5 units of output is Rs. 20. Average variable cost at 5 units of output is Rs. 40. Average cost of producing 5 units is:
(a) Rs. 20
(b) Rs. 40
(c) Rs.56
(d) Rs.60

Answer

Answer: (d) Rs.60


Question 26.
Which of the following is correct ?
(a) TVC = TC – TFC
(b) TC = TVC-TFC
(c) TFC = TVC + TC
(d) TC = TVC x TFC

Answer

Answer: (a) TVC = TC – TFC


Question 27.
Average variable costs can be defined as:
(a) TVC x Q
(b) TVC + Q
(c) TVC-Q
(d) TVC ÷ Q

Answer

Answer: (d) TVC ÷ Q


Question 28.
With increase in output, the difference between total cost and total variable cost:
(a) Decreases
(b) Increases
(c) Remains Constant
(d) None of the above

Answer

Answer: (c) Remains Constant


Question 29.
Which factors are used in short-run production process ?
(a) Fixed Factors
(b) Variable Factors
(c) Both (a) and (b)
(d) None of the above

Answer

Answer: (c) Both (a) and (b)


Question 30.
Following figure shows:
MCQ Questions for Class 11 Economics Chapter 3 Production and Costs with Answers 1
(a) Total Fixed Cost
(b) Total Variable Cost
(c) Total Cost
(d) None of these

Answer

Answer: (b) Total Variable Cost


Question 31.
In which market MR may become zero or negative ?
(a) Monopoly
(b) Monopolistic Competition
(c) Both (a) and (b)
(d) Perfect Competition

Answer

Answer: (c) Both (a) and (b)


Question 32.
In which market AR = MR ?
(a) Monopoly
(b) Monopolistic Competition
(c) Both (a) and (b)
(d) Perfect Competition

Answer

Answer: (d) Perfect Competition


Question 33.
In monopoly and monopolistic competition :
(a) AR = MR
(b) AR > MR
(c) AR < MR
(d) None of these

Answer

Answer: (b) AR > MR


Question 34.
To which market, following figure belongs ?
MCQ Questions for Class 11 Economics Chapter 3 Production and Costs with Answers 2
(a) Perfect Competition
(b) Monopoly
(c) Monopolistic Competition
(d) None of the above

Answer

Answer: (b) Monopoly


Question 35.
With which condition, firm will get maximum profit ?
(a) Where MR = MC
(b) Where MC cuts MR from below
(c) Both (a) and (b)
(d) None of the above

Answer

Answer: (c) Both (a) and (b)


Question 36.
In perfect competition, which of the following remains constant ?
(a) AR
(b) MR
(c) Both AR and MR
(d) None of the both

Answer

Answer: (c) Both AR and MR


Question 37.
In perfect competition:
(a) AR = MR
(b) AR > MR
(c) MR < MC
(d) MR = MC = 0

Answer

Answer: (a) MR = MC


Question 38.
When 5 units of a goods are sold, total revenue is Rs. 100. When 6 units are sold, marginal revenue is Rs. 8. At what price are 6 units sold ?
(a) Rs. 28 per unit
(b) Rs. 20 per unit
(c) Rs. 18 per unit
(d) Rs. 12 per unit

Answer

Answer: (c) Rs. 18 per unit


Question 39.
MR is shown as:
(a) \(\frac { ΔTR }{ ΔQ }\)
(b) \(\frac { TR }{ Q }\)
(c) \(\frac { ΔAR }{ Q }\)
(d) None of these

Answer

Answer: (a) \(\frac { ΔTR }{ ΔQ }\)


Question 40.
AR is shown as:
(a) \(\frac { TR }{ Q }\)
(b) \(\frac { ΔQ }{ P }\)
(c) \(\frac { ΔTR }{ ΔQ }\)
(d) None of these

Answer

Answer: (a) \(\frac { TR }{ Q }\)


Question 41.
In which market AR curve is parallel to X-axis ?
(a) Perfect Competition
(b) Monopoly
(c) Monopolistic Competition
(d) In all the above

Answer

Answer: (a) Perfect Competition


Question 42.
Which of the following is a true statement ?
(a) AR indicates price
(b) AR Curve and Demand Curve are the same
(c) Both (a) and (b)
(d) None of the above

Answer

Answer: (c) Both (a) and (b)


Question 43.
The basic condition of firm’s equilibrium is:
(a) MC = MR
(b) MR = TR
(c) MR = AR
(d) AC = AR

Answer

Answer: (a) MC = MR


Question 44.
In final equilibrium of firm:
(a) MC cuts MR from above
(b) MC cuts MR from below
(c) Both (a) and (b) are
(d) None of the above is true

Answer

Answer: (b) MC cuts MR from below


Question 45.
For every market, which condition has to be fulfilled for firm’s equilibrium ?
(a) AR = MC
(b) MR = MC
(c) MC should cut MR from below
(d) Both (b) and (c)

Answer

Answer: (d) Both (b) and (c)


Question 46.
Which is a method of producer’s equilibrium ?
(a) TR and TC Method
(b) MR and MC Method
(c) Both (a) and (b)
(d) None of the above

Answer

Answer: (c) Both (a) and (b)


Question 47.
For a firm’s equilibrium:
(a) MR = MC
(b) MR > MC
(c) MR < MC
(d) MR = MC = 0

Answer

Answer: (a) MR = MC


Question 48.
On which assumption, the law of supply depends ?
(a) There should be no change in income levels of buyers and sellers in the market.
(b) Prices of factors of production remain stable
(c) Technological level remains constant
(d) All the above

Answer

Answer: (d) All the above


Question 49.
If other things being same, what does the positive relationship between price and supply quantity signify ?
(a) Law of Demand
(b) Elasticity of Supply
(c) Law of Supply
(d) Supply Function

Answer

Answer: (c) Law of Supply


Question 50.
The reason of decrease in supply is:
(a) Increase in Production Cost
(b) Increase in Price of Substitutes
(c) Fall in number of Firms in the Industry
(d) All the above

Answer

Answer: (d) All the above


Question 51.
The figure given below shows:
MCQ Questions for Class 11 Economics Chapter 3 Production and Costs with Answers 3
(a) Extension in Supply
(b) Contraction in Supply
(c) Elasticity of supply
(d) Elasticity of demand

Answer

Answer: (a) Extension in Supply


Question 52.
The quantity of a goods which the seller is ready to sell in the market at fixed price and time is called ?
(a) Supply
(b) Demand
(c) Elasticity of supply
(d) Elasticity of Demand

Answer

Answer: (a) Supply


Question 53.
Supply is associated with:
(a) A Time Period
(b) Price
(c) Both (a) and (b)
(d) None of the above

Answer

Answer: (c) Both (a) and (b)


Question 54.
Determinating factor of supply of goods is:
(a) Price of Goods
(b) Price of Related Goods
(c) Price of Factor of Production
(d) All the above

Answer

Answer: (d) All the above


Question 55.
Which of the following statement is true ?
(a) Price and quantity have direct relationship
(b) Supply curve rises from left to right
(c) Supply is affected by many factors
(d) All the above

Answer

Answer: (d) All the above


Question 56.
Which of the following function shows the laws of supply ?
(a) S = f(P)
(b) S = f(a/p)
(c) S = f(Q)
(d) None of the above

Answer

Answer: (a) S = f(P)


Question 57.
Following figure shows :
MCQ Questions for Class 11 Economics Chapter 3 Production and Costs with Answers 4
(a) Perfectly Elastic Supply
(b) Perfectly Inelastic Supply
(c) Elastic Supply
(d) Inelastic Supply

Answer

Answer: (a) Perfectly Elastic Supply


Question 58.
Which of the following is correct ?
(a) Perfectly Elastic Supply es = ∞
(b) High Elastic Supply es > 1
(c) Perfectly Inelastic Supply es = 0
(d) All the above

Answer

Answer: (d) All the above


Question 59.
es = 0 means that elasticity of supply is:
(a) Perfectly Elastic Supply
(b) Perfectly Inelastic Supply
(c) Less Elastic Supply
(d) Unit Elastic Supply

Answer

Answer: (b) Perfectly Inelastic Supply


Question 60.
If the price of goods rises by 60% but supply increases by only 5%, the supply of goods will be:
(a) Highly Elastic
(b) Elastic
(c) Inelastic
(d) Perfectly Inelastic

Answer

Answer: (c) Inelastic


Question 61.
The elasticity of a straight line supply curve originating from the centre of origin is:
(a) Less than unity,
(b) greater than unity
(c) equal to unity
(d) equal to zero

Answer

Answer: (c) equal to unity


Question 62.
When supply increases more with a result of small increase in price, the nature of supply will be :
(a) Elastic
(b) Inelastic
(c) Perfectly Elastic
(d) Perfectly Inelastic

Answer

Answer: (a) Elastic


Question 63.
When the proportionate change in the supply of goods is more than the proportionate change in its price, the elasticity of supply will be:
(a) Less than Unit
(b) Equal to Unit
(c) Greater than Unit
(d) Infinite

Answer

Answer: (c) Greater than Unit


Question 64.
If the price of the goods rises by 60% and supply increases by only 5%, the supply of goods will be :
(a) Highly Elastic
(b) Elastic
(c) Inelastic
(d) Perfectly Inelastic

Answer

Answer: (c) Inelastic


Question 65.
The measurement of the elasticity of supply is expressed as:
(a) \(\frac { ΔQ_s/Q_s }{ ΔP/P }\)
(b) \(\frac { Q_s }{ ΔP }\).\(\frac { 1 }{ P }\)
(c) \(\frac { Q_s }{ Q_s }\).ΔY
(d) \(\frac { ΔP }{ Q_s }\).\(\frac { P }{ ΔQ_s }\)

Answer

Answer: (a) \(\frac { ΔQ_s/Q_s }{ ΔP/P }\)


Question 66.
There are factors of productions:
(a) Two
(b) Three
(c) Four
(d) Five

Answer

Answer: (d) Five


Question 67.
Fixed cost is also known as:
(a) Variable cost
(b) Actual cost
(c) Supplementary cost
(d) Short-term cost

Answer

Answer: (c) Supplementary cost


Question 68.
Supply falls on the same price when:
(a) Where there is decrease in supply
(b) When there is contraction in supply
(c) When supply increases
(d) When there is expansion in supply.

Answer

Answer: (a) Where there is decrease in supply


Question 69.
Active factor of production:
(a) Capital
(b) Labour
(c) Land
(d) None of these.

Answer

Answer: (b) Labour


Question 70.
In the short-run following factors are included in the process of production:
(a) Fixed factors
(b) Variable factors
(c) Both (a) and (b)
(d) None of these.

Answer

Answer: (c) Both (a) and (b)


Fill in the blanks:

1. Short-term production function is known as ……………

Answer

Answer: Law of variable proportion


2. Returns to scale is related to ……………

Answer

Answer: Long term


3. Cost incurred in per unit production is ……………

Answer

Answer: Average cost


4. Increase in income from a unit of production is called ……………

Answer

Answer: Marginal cost


5. A producer is in the state of equilibrium when he earns ……………

Answer

Answer: Profit


6. Law of supply shows …………… relation between price and supply.

Answer

Answer: Direct


7. The elasticity of supply for milk and related good is ……………

Answer

Answer: Elastic.


State true or false:

1. Rent theory of Ricardo is based on the law of Diminishing returns.

Answer

Answer: True


2. Law of decreasing returns to scale arises due to Non-divisibility.

Answer

Answer: False


3. Fixed cost is also known as supplementary cost.

Answer

Answer: True


4. In case of perfect competition, a firm attains maximum satisfaction when MC curve cut MR curve.

Answer

Answer: False


5. There is inverse relation between price and supply.

Answer

Answer: False


6. The supply of perishable goods is inelastic.

Answer

Answer: True


7. There are four laws of production.

Answer

Answer: False.


Match the following:

‘A” ‘B’
1. Causes for the operation of the law of diminishing returns (a) Firms’s equilibrium
2. Long term process (b) Imperfect substitute of factors of production
3. Marginal Revenue = Average Revenue. (c) Returns to scale
4. Elasticity of supply (d) es = 1.
5. Elastic supply (e) Proportionate change in supply proportionate change in price.
Answer

Answer:

‘A” ‘B’
1. Causes for the operation of the law of diminishing returns (b) Imperfect substitute of factors of production
2. Long term process (c) Returns to scale
3. Marginal Revenue = Average Revenue. (a) Firms’s equilibrium
4. Elasticity of supply (e) Proportionate change in supply proportionate change in price.
5. Elastic supply (d) es = 1.

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