A production function ?

Related Mcqs:

1. In a production function Y = F(L, K,N,E,T) Y is ?

   A. national product
   B. capital
   C. natural resources
   D. prevailing technology

2. The theory that states that a country has a comparative advantage in the production of a product if that country is relatively well endowed with inputs used intensively in the production of that product is the?

   A. Ricardo Malthus theorem
   B. Heckscher Ohlin theorem
   C. Lucas-Laffer theorem
   D. Friedman Samuelson theorem

3. Which index combines measures of calorie availability (in relation to requirement) the growth of per capita daily energy supply food production food staples self-sufficiency, and variability of food production and consumption ?

   A. food sufficiency index
   B. food security index
   C. food self-intake index
   D. food growth index

4. If a country has a bowed out (concave to the origin) production possibility frontier then production is said to be subject to ?

   A. constant opportunity costs
   B. decreasing opportunity costs
   C. first increasing and then decreasing opportunity costs
   D. increasing opportunity costs

5. If a country has a liner (downward sloping) production possibilities frontier, then production is said to be subjected to ?

   A. constant opportunity costs
   B. decreasing opportunity costs
   C. first increasing and then decreasing opportunity costs
   D. increasing opportunity costs

6. If a production function exhibits constant returns to scale ?

   A. doubling all of the inputs more than doubles output due to the catch-up effect
   B. doubling all of the inputs has absolutely no impact on output because output is constant
   C. doubling all of the inputs less than doubles output due to diminishing returns
   D. doubling all of the input’s doubles output

7. If a production function exhibits diminishing marginal product the slope of the corresponding total-cost curve ?

   A. is liner (a straight line)
   B. could be any of these answers
   C. becomes steeper as the quantity of output increases
   D. become flatter as the quantity of output increases.

8. If a production function exhibits diminishing marginal product. its slope ?

   A. is linear (a straight line)
   B. becomes steeper as the quantity of the input increase
   C. could be any of these answers
   D. becomes flatter as the quantity of the input increase

9. If as the quantity produced increase a production function first exhibits increasing marginal product and later diminishing marginal product, the corresponding marginal-cost curve will ?

   A. be flat (horizontal)
   B. slope upward
   C. slope downward
   D. be U-shaped.

10. ____ was a strategy for industrial development popular in Latin America in the 1950s 1 1960s for promoting domestic production by erecting high protective tariffs on imports of manufactured goods ?

    1. export led growth
    2. import substitution
    3. dynamic hedging
    4. countervailing duties