The functional relationship between "inputs" and "outputs" is called as

(a)

Consumption Function

(b)

Production Function

(c)

Savings Function

(d)

Investment Function

In a firm 5 units of factors produce 24 units of the product. When the number of factor increases by one, the production increases to 30 units. Calculate the Average Product.

(a)

30

(b)

6

(c)

5

(d)

24

An Iso - quant curve is also known as

(a)

Inelastic Supply Curve

(b)

Inelastic Demand Curve

(c)

Equi-Marginal Utility

(d)

Equal Product Curve

_____________ is a free gift of nature.

(a)

Land

(b)

Organisation

(c)

Capital

(d)

All of these

___________ may be classified in to five kinds

(a)

External Economies

(b)

Economies of scale

(c)

Internal Economies

(d)

Modem Economy

Define Labour.

What is Iso-cost line?

What are the reasons for upward sloping supply curve?

Economies are divided into how many types? what are they?

What do you mean by law of supply?

What are the functions of Entrepreneur?

State and explain the elasticity of supply.

State the Cobb-Douglas production function.

Explain the concept of division of labour.

Bring out the differences between short run and long run production function.

List out the properties of iso-quants with the help of diagrams.

Elucidate the Laws of Returns to scale. lliustrate.

Explain the types of elasticity supply with the help of diagram.

Explain briefly the Iso-cost Line with the help of a diagram?