Production and Costs MCQ Questions for Class 11 Ecomonics Chapter 3 with Answers

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MCQ Questions for Class 11 Ecomonics with Answers: Introductory Microeconomics

Q1. Which of the following cost curves is never ‘U’ shaped?

(i) Average cost curve
(ii) Marginal cost curve
(iii) Total cost curve
(iv) Fixed cost curve

(i) Average cost curve

Q2. If total cost at 10 units is Rs 600 and Rs 640 for 11th unit. The marginal cost of 11th unit is:

(i) Rs 20
(ii) Rs 30
(iii) Rs 40
(iv) Rs 50

(iii) Rs 40

Q3. U-shaped average cost curve is based on:

(i) Law of increasing cost
(ii) Law of decreasing cost
(iii) Law of constant returns to scale
(iv) Law of variable proportions

(iii) Law of constant returns to scale

Q4. AFC curve is:

(i) Convex & downward sloping
(ii) Concave & downward sloping
(iii) Convex & upward sloping
(iv) Concave & upward rising

(i) Convex & downward sloping

Q5. As output increases, average fixed cost:

(i) Remains constant
(ii) Starts falling
(iii) Start rising
(iv) None

(ii) Starts falling

Q6. Law of variable proportion is related to :

(i) Both short-run and long run
(ii) Long-run
(iii) Short-run
(iv) Very Long-run

(iii) Short-run

Q7. The cycle which increases first and after being constant starts to reduce is called :

(i) APP
(ii) MPP
(iii) TPP
(iv) All of these

(iv) All of these

Q8. Production function is expressed as:

(i) Qx = Px
(ii) Qx = f(A, B, C, D)
(iii) Qx = Dx
(iv) None of these

(ii) Qx = f(A, B, C, D)

Q9. Law of variable proportion explains three stages of production. In the first stage of production:

(i) Both MP and AP rise
(ii) MP rises
(iii) AP Falls
(iv) MP is zero

(i) Both MP and AP rise

Q10. Long-run production function is related to:

(i) Law of Demand
(ii) Law of Increasing Returns
(iii) Laws of Returns to Scale
(iv) Elasticity of Demand

(iii) Laws of Returns to Scale

Q11. Economic cost excludes:

(i) Accounting cost + explicit cost
(ii) Accounting cost + implicit cost
(iii) Explicit cost + Implicit cost
(iv) Accounting cost + opportunity cost

(iii) Explicit cost + Implicit cost

Q12. When shape of average cost curve is upwards, marginal cost:

(i) Must be decreasing
(ii) Must be constant
(iii) Must be rising
(iv) Any of these

(iii) Must be rising

Q13. A firm’s average fixed cost is Rs 20 at 6 units of output what will it be at 4 units of output?

(i) Rs 60
(ii) Rs 30
(iii) Rs 40
(iv) Rs 20

(i) Rs 60

Q14. Average fixed cost can be obtained through:

(i) AFC=TFC/TS
(ii)AFC=EC/TU
(iii)AFC=TC/PC
(iv) AFC=TFC/TU

(i) AFC=TFC/TS

Q15. Opportunity cost is:

(i) Direct cost
(ii) Total cost
(iii) Accounting cost
(iv) Cost of foregone opportunity

(ii) Total cost

Q16. Which of the following is a saurce of production ?

(i) Land
(ii) Labour
(iii) Capital
(iv) All of these

(iv) All of these

Q17. Which factors among following we find in short-run production process ?

(i) Fixed Factors
(ii) Variable Factors
(iii) Both (i) and (ii)
(iv) None of these

(iii) Both (i) and (ii)

Q18. At which time all the factors of production may be changed ?

(i) Short run
(ii) Long run
(iii) Very Long run
(iv) All the three

(ii) Long run

Q19. Which of the following explains the short-run production function ?

(i) Law of Demand
(ii) Law of Variable Proportion
(iii) Returns to Scale
(iv) Elasticity of Demand

(ii) Law of Variable Proportion

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