The primary factors of production are:

(a)

Labour and Organisation

(b)

Labour and Capital

(c)

Land and Capital

(d)

Land and Labour

The man-made physical goods used to produce other goods and services are referred to as

(a)

Land

(b)

Labour

(c)

Capital

(d)

Organization

Formula for calculating AP is

(a)

\(\frac { \Delta TP }{ N } \)

(b)

\(\frac { \Delta TP }{ \Delta N } \)

(c)

\(\frac { TP }{ MP } \)

(d)

\(\frac { TP }{ N } \)

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

The short-run production is studied through

(a)

The Law of Returns to scale

(b)

The Law of Variable Proportions

(c)

Iso - quants

(d)

Law of Demand

_____________ 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

__________is the other name given for factor of production.

(a)

Inputs

(b)

Outputs

(c)

Exertion

(d)

Formation

_________ faces both risks and uncertainties.

(a)

Entrepreneur

(b)

Labour

(c)

Land

(d)

None of these

__________ represent Human capital.

(a)

Money

(b)

Efficiency

(c)

Hard work

(d)

All the above

What is Iso-cost line?

What are the conditions for producer’s equilibrium?

What are the reasons for upward sloping supply curve?

What are the assumptions of Iso-quant curve?

What is factors of production?

What are the forms of capital?

Illustrate the concept of producer's Equilibrium.

State the Cobb-Douglas production function.

What are the characteristics of capital?

Distinguish between Total Product (TP) and Average Product (AP).

Illustrate the diagram for law of variable proportion

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

Explain the internal and external economies of scale.

What are the Characteristics of Labour?