Free MCQ’s Quiz for Class 11 Economics Chapter 3 – Production and Costs with Answers is prepared based on the latest CBSE Exam Pattern for the Academic Session. Students can solve NCERT based Class 11th Economics – ‘Production and Costs’ Multiple Choice Questions with Answers to know their preparation level on the Success Roar Classes website.

Here, we have provided Free MCQ’s Quiz on Class 11 Economics Chapter 3 – Production and Costs. Production and Costs analyse the behaviour of a producer. In this chapter, we learn why companies choose their production and how their costs affect the decisions they make.

To make you perfect in this topic – Production and Costs, we are here with a set of MCQs Quiz that will help you in brushing up the understanding of the concepts.

Free MCQ’s on Production and Costs.

Each set of MCQ’s consists of 10 Questions and you can see the results immediately after submitting the Set.

Free MCQ’s on Production and Costs

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#1. Production is a function of:

Price

Price

Factors of Production

Factors of Production

Total Expenditure

Total Expenditure

None of these

None of these

#2. The fundamental reason for applying the Law of Diminishing Returns is:

Scarcity of Factors

Scarcity of Factors

Imperfect Substitution between Factors

Imperfect Substitution between Factors

Both (a) and (b)

Both (a) and (b)

None of the above

None of the above

#3. The long-run production function is associated with:

Law of Demand

Law of Demand

Law of Increasing Returns

Law of Increasing Returns

Laws of Returns to Scale

Laws of Returns to Scale

Elasticity of Demand

Elasticity of Demand

#4. In short-run production, at which point of the process does a rational producer like to work?

First Stage

First Stage

Second Stage

Second Stage

Third Stage

Third Stage

None of these

None of these

#5. The law of variable proportion explains three stages of production. During the first stage of production:

Both MP and AP rise

Both MP and AP rise

MP rises

MP rises

AP Falls

AP Falls

MP is zero

MP is zero

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

Short run

Short run

Long run

Long run

Very Long run

Very Long run

All the these

All the these

#7. Production function is expressed as:

Qx = Px

Qx = Px

Qx = f(A, B, C, D

Qx = f(A, B, C, D

Qx = Dx

Qx = Dx

None of these

None of these

#8. Which factors among the following do we find in the short-run production process?

Fixed Factors

Fixed Factors

Variable Factors

Variable Factors

Both (1) and (2)

Both (1) and (2)

None of these

None of these

#9. The cycle that begins with a rise and then becomes constant before beginning to decrease is known as:

APP

APP

MPP

MPP

TPP

TPP

All of these

All of these

#10. Which of the following is a source of production?

Land

Land

Labour

Labour

Capital

Capital

All of these

All of these

Finish