Production, Goods, and Inputs CDS Questions

CDS Economy

Production, Goods, and Inputs MCQ Questions


7.
What does the isoquant represent in production?
A.
Profit maximization
B.
Combinations of inputs producing same output
C.
Costs incurred in production
D.
Fixed cost of production
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ANSWER :
B. Combinations of inputs producing same output
8.
Which of these inputs is considered variable in the short run?
A.
Labour
B.
Capital
C.
Land
D.
Technology
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ANSWER :
A. Labour
9.
In the long run, what happens to all factors of production?
A.
They remain constant
B.
They vary
C.
They are reduced
D.
They are eliminated
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ANSWER :
B. They vary
10.
What type of returns exist when output doubles after all inputs double?
A.
Constant Returns to Scale
B.
Increasing Returns to Scale
C.
Decreasing Returns to Scale
D.
Negative Returns to Scale
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ANSWER :
A. Constant Returns to Scale
11.
Which of the following is a consumer right under COPRA?
A.
Right to safety
B.
Right to profit
C.
Right to sell
D.
Right to discount
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ANSWER :
A. Right to safety
12.
What does ISI mark certify?
A.
Environmental safety
B.
Quality of products
C.
Maximum retail price
D.
Import and export approval
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ANSWER :
B. Quality of products