A level Production Theory Quiz 1

15 QuestionsMultiple ChoiceFree Practice

About this quiz

This A level Production Theory Quiz 1 quiz contains 15 multiple choice questions designed to help you revise and test your A Level Production Theory Quizzes knowledge. Select an answer for each question and click “Submit Answer” to see instant feedback. Take your time and try to score as high as possible!

Description

Here in this economics quiz, we shall study production according to the Advanced level standards of education. Under this topic, we will broaden our knowledge on the law of diminishing returns, the factors of production, the cost of production, the law of variable proportion, investments, etc. You should try this quiz.

Production refers to the process of combining both material inputs, and immaterial inputs (know-how) in order to make something (good or service) for consumption. There exist 4 factors of production which are: land, labor, capital, and entrepreneur. Land as a factor of production can take several forms such as agricultural land, commercial real estate, or natural resources like gold and oil can be extracted from land. Labor refers to the physical efforts or work done by individuals to bring a product or service to the market. Capital on the other hand is money. But money isn’t a factor of production because it is not directly involved in the production process. Finally, entrepreneurship is what combines all the other factors of production into a product or service for the consumer market.

Having gone through a brief introduction of what this quiz is all about, I think it’s time to get to work. Answer the quiz correctly and make yourself proud. Good luck. 

Progress0 / 15 answered
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Question 1 of 15

 ______ shows the overall output generated at a given level of input: 

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Question 2 of 15

 If LAC curve falls as output expands, this is due to _____: 

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Question 3 of 15

 Isoquants are equal to: 

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Question 4 of 15

 The marginal product curve is above the average product curve when the average product is : 

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Question 5 of 15

 Increasing returns to scale can be explained in terms of: 

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Question 6 of 15

 An isoquant is ______ to an iso cost line at equilibrium point: 

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Question 7 of 15

 At the point of inflexion, the marginal product is: 

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Question 8 of 15

 Diminishing marginal returns implies: 

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Question 9 of 15

 If the marginal product of labour is below the average product of labour. It must be true that 

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Question 10 of 15

 Law of variable proportion is valid when: 

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Question 11 of 15

 An organizer will always make ……………… 

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Question 12 of 15

 There are …………….. factors of production 

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Question 13 of 15

 Labour cannot be separated from ……………… 

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Question 14 of 15

 

Investment in education is called ……………….. capital 

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Question 15 of 15

 Capital is productive because it yields an ………………