Production & Cost-Production Functions [AP (Advanced Placement) Microeconomics]: Questions 4 - 7 of 76
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Question 4
Appeared in Year: 2017
Question MCQ▾
The production function exhibits the returns to scale as:
Choices
Choice (5) | Response | |
---|---|---|
a. | Increasing | |
b. | Decreasing | |
c. | Fluctuating | |
d. | Constant | |
e. | All of the above |
Question 5
Appeared in Year: 2013
Question Assertion-Reason▾
Assertion(Ꭺ)
An Iso-Cost Line is a straight line. (September)
Reason(Ꭱ)
The market rate of exchange between the two inputs is constant.
Choices
Choice (5) | Response | |
---|---|---|
a. | Both Ꭺ and Ꭱ are true and Ꭱ is the correct explanation of Ꭺ | |
b. | Both Ꭺ and Ꭱ are true but Ꭱ is NOT the correct explanation of Ꭺ | |
c. | Ꭺ is true but Ꭱ is false | |
d. | Ꭺ is false but Ꭱ is true | |
e. | Both Ꭺ and Ꭱ are false |
Question 6
Appeared in Year: 2013
Question Match List-Ⅰ List-Ⅱ▾
Match the items in List – I with the items in List – II: (September)
List-Ⅰ (Group I) | List-Ⅱ (Group II) |
---|---|
(A) Principles of Economics | (i) Adam Smith |
(B) Law of Invisible Hand | (ii) Dalton |
(C) Principle of Maximum Social Advantage | (iii) Marshall |
(D) Kinked Demand Curve | (iv) Paul Sweezy |
Choices
Choice (5) | Response | |
---|---|---|
| ||
a. |
| |
b. |
| |
c. |
| |
d. |
| |
e. | All of the above |
Question 7
Appeared in Year: 2013
Question MCQ▾
Marginal Cost is less than the Average Cost when Average Cost falls with (September)
Choices
Choice (5) | Response | |
---|---|---|
a. | Constant output | |
b. | No change in output | |
c. | An increase in output | |
d. | A decrease in output | |
e. | Question does not provide sufficient data or is vague |