Micro-Economic Analysis-Theory of Production and Costs (NTA-NET (Based on NTA-UGC) Economics (Paper-II)): Questions 1 - 4 of 28

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Question number: 1

» Micro-Economic Analysis » Theory of Production and Costs

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Appeared in Year: 2013

MCQ▾

Question

The cost incurred by the firm in hiring labour is called as (Dec)

Choices

Choice (4) Response

a.

Marginal Cost

b.

Implicit Cost

c.

Total Cost

d.

Explicit Cost

Question number: 2

» Micro-Economic Analysis » Theory of Production and Costs

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Appeared in Year: 2017

MCQ▾

Question

Consider the following statements regarding the expansion path of the firm:

I - It shows the least cost combination of producing different levels of output

II- The input prices remain constant

Of the above which statement is/are true?

Answer from the codes given below:

Choices

Choice (4) Response

a.

Only II is true

b.

Only I is true

c.

I and II are true

d.

Neither I nor II is true

Question number: 3

» Micro-Economic Analysis » Theory of Production and Costs

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Appeared in Year: 2013

Assertion-Reason▾

Question

Assertion (Ꭺ)

The long run cost curve is L shaped rather than U shaped. (Dec)

Reason (Ꭱ)

The new technique of production of large plants reduces the total cost per unit of output in the long run.

Choices

Choice (4) Response

a.

Both Ꭺ and Ꭱ are true but Ꭱ is NOT the correct explanation of Ꭺ

b.

Ꭺ is false but Ꭱ is true

c.

Both Ꭺ and Ꭱ are false

d.

Both Ꭺ and Ꭱ are true and Ꭱ is the correct explanation of Ꭺ

Question number: 4

» Micro-Economic Analysis » Theory of Production and Costs

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Appeared in Year: 2013

Assertion-Reason▾

Question

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 (4) Response

a.

Both Ꭺ and Ꭱ are true and Ꭱ is the correct explanation of Ꭺ

b.

Ꭺ is true but Ꭱ is false

c.

Both Ꭺ and Ꭱ are true but Ꭱ is NOT the correct explanation of Ꭺ

d.

Ꭺ is false but Ꭱ is true

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