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

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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

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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)

a.

  • (iii)
  • (i)
  • (ii)
  • (iv)

b.

  • (ii)
  • (iii)
  • (iv)
  • (i)

c.

  • (iv)
  • (ii)
  • (iii)
  • (i)

d.

  • (iii)
  • (iv)
  • (ii)
  • (i)

e.

All of the above

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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

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