Production function explains the relationship between - (1) initial inputs and ultimate output (2) inputs and ultimate consumption (3) output and consumption (4) output and exports

Production function explains the relationship between - (1) initial inputs and ultimate output (2) inputs and ultimate consumption (3) output and consumption (4) output and exports
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(1) initial inputs and ultimate output Explanation: Production function explains the relationship between factor input and output under given technology. It explains as to for increasing the output, in which proportion various inputs or factors may be employed under given technological conditions. In short, production function may be defined as a technological relationship that tells the maximum output producible from various combinations of inputs. Production function explains the physical relationship between input and output under given technology.
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Production function explains the relationship between (1) initial inputs and ultimate output (2) inputs and ultimate consumption (3) output and consumption (4) output and exports

Description : Production function explains the relationship between (1) initial inputs and ultimate output (2) inputs and ultimate consumption (3) output and consumption (4) output and exports

Last Answer : initial inputs and ultimate output

Production function expresses - (1) technological relationship between physical inputs and output (2) financial relationship between physical inputs and output (3) relationship between finance and technology (4) relationship between factors of production

Description : Production function expresses - (1) technological relationship between physical inputs and output (2) financial relationship between physical inputs and output (3) relationship between finance and technology (4) relationship between factors of production

Last Answer : (1) technological relationship between physical inputs and output Explanation: Production involves transformation of inputs into outputs. The output is a function of input. The functional relationship between ... be produced from any given quantities of various inputs during a given period of time.

Production function expresses (1) technological relationship between physical inputs and output (2) financial relationship between physical inputs and output (3) relationship between finance and technology (4) relationship between factors of production

Description : Production function expresses (1) technological relationship between physical inputs and output (2) financial relationship between physical inputs and output (3) relationship between finance and technology (4) relationship between factors of production

Last Answer : technological relationship between physical inputs and output

Gains from trade can be divided into two parts (a) gains from exports and gains from imports. (b) gains from specialization and gains from exchange. © gains from consumption and gains from production. (d) gains from profit and gains from loss.

Description : Gains from trade can be divided into two parts (a) gains from exports and gains from imports. (b) gains from specialization and gains from exchange. © gains from consumption and gains from production. (d) gains from profit and gains from loss.

Last Answer : (b) gains from specialization and gains from exchange.

Production function relates - (1) Cost to output (2) Cost to input (3) Wages to profit (4) Inputs to output

Description : Production function relates - (1) Cost to output (2) Cost to input (3) Wages to profit (4) Inputs to output

Last Answer : (4) Inputs to output Explanation: Production function specifies the output of a firm, an industry, or an entire economy for all combinations of inputs. The relationship of output to inputs is ... relates physical inputs to physical outputs, and prices and costs are not reflected in the function.

Production function relates (1) Cost to output (2) Cost to input (3) Wages to profit (4) Inputs to output

Description : Production function relates (1) Cost to output (2) Cost to input (3) Wages to profit (4) Inputs to output

Last Answer : Inputs to output

Consumptions function refers to - (1) relationship between income and employment (2) relationship between savings and investment (3) relationship between input and output (4) relationship between income and consumption

Description : Consumptions function refers to - (1) relationship between income and employment (2) relationship between savings and investment (3) relationship between input and output (4) relationship between income and consumption

Last Answer : (4) relationship between income and consumption Explanation: The Consumption function is a single mathematical function used to express consumer spending. It was developed by John Maynard Keynes and ... by current income and induced consumption that is influenced by the economy's income level.

A supply function expresses the relationship between - (1) price and output (2) price and selling cost (3) price and demand (4) price and consumption

Description : A supply function expresses the relationship between - (1) price and output (2) price and selling cost (3) price and demand (4) price and consumption

Last Answer : (1) price and output Explanation: The supply function expresses the relationship between the Lotal quantily supplied and the price received by all suppliers per unit of time, holding other factors constant. It illustrates the relation between price and supply.

Consumptions function refers to (1) relationship between income and employment (2) relationship between savings and investment (3) relationship between input and output (4) relationship between income and consumption

Description :  Consumptions function refers to (1) relationship between income and employment (2) relationship between savings and investment (3) relationship between input and output (4) relationship between income and consumption

Last Answer : relationship between income and consumption

A supply function expresses the relationship between (1) price and output (2) price and selling cost (3) price and demand (4) price and consumption

Description : A supply function expresses the relationship between (1) price and output (2) price and selling cost (3) price and demand (4) price and consumption

Last Answer : price and output

An increase in consumption at any given level of income will lead to (a) Higher aggregate demand. (b) An increase in exports. © A fall in taxation revenue. (d) A decrease in import spending.

Description : An increase in consumption at any given level of income will lead to (a) Higher aggregate demand. (b) An increase in exports. © A fall in taxation revenue. (d) A decrease in import spending.

Last Answer : (a) Higher aggregate demand.

Production function refers to the functional relationship between input and _______. (1) product (2) produce (3) output (4) service

Description : Production function refers to the functional relationship between input and _______. (1) product (2) produce (3) output (4) service

Last Answer : (3) output Explanation: The Production function expresses a functional relationship amidst quantities of raw materials and goods. It is the name given to the relationship between rates of input of productive services and the rate of output of product.

Production function refers to the functional relationship between input and ___. (1) product (2) produce (3) output (4) service

Description : Production function refers to the functional relationship between input and ___. (1) product (2) produce (3) output (4) service

Last Answer : output

Production Function relates to: (1) costs to outputs (2) costs to inputs (3) inputs to outputs (4) wage level to profits

Description : Production Function relates to: (1) costs to outputs (2) costs to inputs (3) inputs to outputs (4) wage level to profits

Last Answer : (3) inputs to outputs Explanation: In microeconomics and macroeconomics, a production function is a function that specifies the out-put of a firm, an industry, or an entire economy for all ... in the use of factor inputs in production and the resulting distribution of income to those factors.

Engel’s curve illustrates the relationship between (a) Consumption and Utility (b) Production and Productivity (c) Income and Consumption (d) Income and Production

Description : Engel’s curve illustrates the relationship between (a) Consumption and Utility (b) Production and Productivity (c) Income and Consumption (d) Income and Production

Last Answer : (c) Income and Consumption

An increase in foreign income generally leads to: a) increased exports, increased domestic output b) decreased exports, increased domestic output c) decreased exports, decreased domestic output d) increased exports, decreased domestic output

Description : An increase in foreign income generally leads to: a) increased exports, increased domestic output b) decreased exports, increased domestic output c) decreased exports, decreased domestic output d) increased exports, decreased domestic output

Last Answer : a) increased exports, increased domestic output Foreign income is brought by exports and leads to further exports in future, and increased exports means increase in domestic output to meet the demand of exports.

“Crowding out” means that a. a government budget deficit lowers interest rates and causes investment spending to rise b. an increase in marginal tax rates lowers production c. a government budget deficit raises interest rates and causes investment spending to fall d. a government budget deficit raises American exports and lowers American imports

Description : Crowding out means that a. a government budget deficit lowers interest rates and causes investment spending to rise b. an increase in marginal tax rates lowers production c. a government ... spending to fall d. a government budget deficit raises American exports and lowers American imports

Last Answer : c. a government budget deficit raises interest rates and causes investment spending to fall

10. “Crowding out” means that a. a government budget deficit lowers interest rates and causes investment spending to rise b. an increase in marginal tax rates lowers production c. a government budget deficit raises interest rates and causes investment spending to fall d. a government budget deficit raises American exports and lowers American imports

Description : 10. Crowding out means that a. a government budget deficit lowers interest rates and causes investment spending to rise b. an increase in marginal tax rates lowers production c. a ... investment spending to fall d. a government budget deficit raises American exports and lowers American imports

Last Answer : c. a government budget deficit raises interest rates and causes investment spending to fall

Hawkins Simon condition explains the----- condition in Input output model (a) Instability (b) Stability © Uniqueness (d) None of the above

Description : Hawkins Simon condition explains the----- condition in Input output model (a) Instability (b) Stability © Uniqueness (d) None of the above

Last Answer : (b) Stability

Consumption function expresses the relationship between consumption and - (1) savings (2) income (3) investment (4) price

Description : Consumption function expresses the relationship between consumption and - (1) savings (2) income (3) investment (4) price

Last Answer : (2) income Explanation: The consumption function is a mathematical formula laid out by famed economist John Maynard Keynes. The formula was designed to show the relationship between real disposable ... being what Keynes considered the most important determinant of short-term demand in an economy.

Consumption function expresses the relationship between consumption and (1) savings (2) income (3) investment (4) price

Description : Consumption function expresses the relationship between consumption and (1) savings (2) income (3) investment (4) price

Last Answer : income

Leontief’s input output model is based on the concept of----- (a) Consumption function (b) Partial Equilibrium © General Equilibrium. (d) All of the above.

Description : Leontief’s input output model is based on the concept of----- (a) Consumption function (b) Partial Equilibrium © General Equilibrium. (d) All of the above.

Last Answer : © General Equilibrium.

If a change in all inputs leads to a proportionate change in output, it is case of - (1) Constant returns to scale (2) Diminishing returns to scale (3) Increasing returns to scale (4) Variable returns to scale

Description : If a change in all inputs leads to a proportionate change in output, it is case of - (1) Constant returns to scale (2) Diminishing returns to scale (3) Increasing returns to scale (4) Variable returns to scale

Last Answer : (1) Constant returns to scale Explanation: If output increases by that same proportional change as all inputs change then there are constant returns to scale (CRS). If output increases by less than ... by more than that proportional change in inputs, there are increasing returns to scale (IRS).

If a change in all inputs leads to a proportionate change in output, it is case of (1) Constant returns to scale (2) Diminishing returns to scale (3) Increasing returns to scale (4) Variable returns to scale

Description : If a change in all inputs leads to a proportionate change in output, it is case of (1) Constant returns to scale (2) Diminishing returns to scale (3) Increasing returns to scale (4) Variable returns to scale

Last Answer : Constant returns to scale

Which of the following explains the term economic development? a. Improvement in the technology involved b. Improvement in production c. Improvement in distribution system d. All the above

Description : Which of the following explains the term economic development? a. Improvement in the technology involved b. Improvement in production c. Improvement in distribution system d. All the above

Last Answer : d. All the above Economic development is a wider concept than growth. There are various parameters used to define and measure it.

Which of the following explains the term economic growth? a. Increase in per capita production b. Increase in per capita real income c. structural change in the economy d. all the above are right

Description : Which of the following explains the term economic growth? a. Increase in per capita production b. Increase in per capita real income c. structural change in the economy d. all the above are right

Last Answer : d. all the above are right There is no single definition that can define the term economic growth. However, there are various indicators that explain the term

Gross National Product means - (1) gross value of finished goods (2) money values of the total national production for any given period (3) gross value of raw materials and semifinished products (4) money value of inputs and outputs

Description : Gross National Product means - (1) gross value of finished goods (2) money values of the total national production for any given period (3) gross value of raw materials and semifinished products (4) money value of inputs and outputs

Last Answer : (2) money values of the total national production for any given period Explanation: Gross national product (GNP) is the market/monetary value of all products and services produced in one year by labour and property supplied by the residents of a country.

Gross National Product means (1) gross value of finished goods (2) money values of the total national production for any given period (3) gross value of raw materials and semi-finished products (4) money value of inputs and outputs

Description : Gross National Product means (1) gross value of finished goods (2) money values of the total national production for any given period (3) gross value of raw materials and semi-finished products (4) money value of inputs and outputs

Last Answer : money values of the total national production for any given period

A line represents the different combinations of two variable inputs used in the production of a given amount of output.

Description : A line represents the different combinations of two variable inputs used in the production of a given amount of output.

Last Answer : Ans. Isoquant

Correct objectives of energy audit a) Identifying the quality and cost of various energy inputs. b) Relating energy inputs and production output c) Highlighting wastage in major areas. d) All of the above.

Description : Correct objectives of energy audit a) Identifying the quality and cost of various energy inputs. b) Relating energy inputs and production output c) Highlighting wastage in major areas. d) All of the above.

Last Answer : All of the above

Trade Gap means A. Gap between total GDP and total consumption B. Gap between total imports and total exports C. Gap between available liquidity and expected demand in next five months D. Gap between budgeted revenue collection and actual collection of the same E. None of the above

Description : Trade Gap means A. Gap between total GDP and total consumption B. Gap between total imports and total exports C. Gap between available liquidity and expected demand in next five months D. Gap between budgeted revenue collection and actual collection of the same E. None of the above

Last Answer : B. Gap between total imports and total exports Explanation: The amount by which the value of a country‘s visible imports exceeds that of visible exports; an unfavourable balance of trade.

GDP at market prices is the sum of Consumption, Investment, Government Spending and Net Exports. „Net‟ exports is (a) Gross exports minus depreciation ; (b) Exports minus imports ; (c) Gross exports earnings minus capital inflow ; (d) Export minus imports of merchandize

Description : GDP at market prices is the sum of Consumption, Investment, Government Spending and Net Exports. „Net‟ exports is (a) Gross exports minus depreciation ; (b) Exports minus imports ; (c) Gross exports earnings minus capital inflow ; (d) Export minus imports of merchandize 

Last Answer : (b) Exports minus imports ;

The functional relationship between income and consumption expenditure is explained by - (1) Consumer' Surplus (2) Law of Demand (3) Law of Supply (4) Keynes's psychological law of consumption

Description : The functional relationship between income and consumption expenditure is explained by - (1) Consumer' Surplus (2) Law of Demand (3) Law of Supply (4) Keynes's psychological law of consumption

Last Answer : (4) Keynes's psychological law of consumption Explanation: Keynes defined Psychological Law of Consumption in terms of, "The fundamental psychological law, upon which we are entitled to depend with great ... consumption as their income increases but not by as much as the increase in the income."

The relationship between the rate of interest and level of consumption was first visualized by - (1) Amartya K. Sen (2) Milton Friedman (3) Irving Fisher (4) James Duesenberry

Description : The relationship between the rate of interest and level of consumption was first visualized by - (1) Amartya K. Sen (2) Milton Friedman (3) Irving Fisher (4) James Duesenberry

Last Answer : (3) Irving Fisher Explanation: Irving Fisher, in His Theory of Interest (1930), found the relationship between interest rates (nominal interest rate and real interest rate) and the ... interest rate on savings and gives an inverse relationship between nominal interest rates and consumer expenditures

The relationship between the rate of interest and level of consumption was first visualized by (1) Amartya K. Sen (2) Milton Friedman (3) Irving Fisher (4) James Duesenberry

Description : The relationship between the rate of interest and level of consumption was first visualized by (1) Amartya K. Sen (2) Milton Friedman (3) Irving Fisher (4) James Duesenberry

Last Answer : Irving Fisher

The functional relationship between income and consumption expenditure is explained by (1) Consumer’ Surplus (2) Law of Demand (3) Law of Supply (4) Keynes’s psychological law of consumption

Description : The functional relationship between income and consumption expenditure is explained by (1) Consumer’ Surplus (2) Law of Demand (3) Law of Supply (4) Keynes’s psychological law of consumption

Last Answer :  Keynes’s psychological law of consumption

The "actual"• value of the variables like consumption, investment, output, etc, is known as: a) ex post measures b) ex ante measures c) ex pre measures d) none of the above

Description : The "actual"• value of the variables like consumption, investment, output, etc, is known as: a) ex post measures b) ex ante measures c) ex pre measures d) none of the above

Last Answer : b) ex ante measures 4) What is "mps"• or the 'marginal propensity t

The "planned"• value of the variables like consumption, investment, output, etc, is known as: a) ex post measures b) ex ante measures c) ex pre measuresd) none of the above

Description : The "planned"• value of the variables like consumption, investment, output, etc, is known as: a) ex post measures b) ex ante measures c) ex pre measures d) none of the above

Last Answer : a) ex post measures

When tariff is imposed on imports which of the following will increase? (a) Domestic output. (b) Domestic demand. © Domestic price. (d) Domestic consumption.

Description : When tariff is imposed on imports which of the following will increase? (a) Domestic output. (b) Domestic demand. © Domestic price. (d) Domestic consumption.

Last Answer : © Domestic price.

Production function is the relationship between - (1) Production and Profit (2) Production and Prices (3) Production and Production factors (4) Production and Income

Description : Production function is the relationship between - (1) Production and Profit (2) Production and Prices (3) Production and Production factors (4) Production and Income

Last Answer : (3) Production and Production factors Explanation: In economics, a production function relates physical output of a production process to physical inputs or factors of production. The primary purpose ... use of factor inputs in production and the resulting distribution of income to those factors.

Production function is the relationship between (1) Production and Profit (2) Production and Prices (3) Production and Production factors (4) Production and Income

Description : Production function is the relationship between (1) Production and Profit (2) Production and Prices (3) Production and Production factors (4) Production and Income

Last Answer : Production and Production factors

A 4-input neuron has weights 1, 2, 3 and 4. The transfer function is linear with the constant of proportionality being equal to 2. The inputs are 4, 10, 5 and 20 respectively. The output will be: a) 238 b) 76 c) 119 d) 123

Description : A 4-input neuron has weights 1, 2, 3 and 4. The transfer function is linear with the constant of proportionality being equal to 2. The inputs are 4, 10, 5 and 20 respectively. The output will be: a) 238 b) 76 c) 119 d) 123

Last Answer : a) 238

Which of these is not a factor of cost function of a product (a) Market price of the product ; (b) Size of the plant ; (c) Output level ; (d) Prices of inputs

Description : Which of these is not a factor of cost function of a product (a) Market price of the product ; (b) Size of the plant ; (c) Output level ; (d) Prices of inputs

Last Answer : (a) Market price of the product ;

An artificial neurons receives n inputs x1, x2,...,xn with weights w1,w2,...,wn attached to the input links. The weighted sum ............... is computed to be passed on to a non-linear filter ϕ called activation function to release the output. (A) Σ wi (B) Σ xi (C) Σ wi + Σ xi (D) Σ wi . Σ xi

Description : An artificial neurons receives n inputs x1, x2,...,xn with weights w1,w2,...,wn attached to the input links. The weighted sum ............... is computed to be passed on to a non-linear filter ϕ called activation function to release the output. (A) Σ wi (B) Σ xi (C) Σ wi + Σ xi (D) Σ wi . Σ xi

Last Answer : (D) Σ wi . Σ xi

Preparation of butter, ghee by a household for their own use is a part of : (1) own-account production (2) household capital formation (3) industrial production (4) consumption

Description : Preparation of butter, ghee by a household for their own use is a part of : (1) own-account production (2) household capital formation (3) industrial production (4) consumption

Last Answer : (4) consumption Explanation: The processing of agricultural products; the production of grain by threshing: the production of flour by milling; the curing of skins and the production of leather ... production of baskets and mats; etc, come under processing of primary commodities for own consumption.

Operating Surplus arises in the - (1) Government Sector (2) Production for self consumption (3) Subsistence farming (4) Enterprise Sector

Description : Operating Surplus arises in the - (1) Government Sector (2) Production for self consumption (3) Subsistence farming (4) Enterprise Sector

Last Answer : (1) Government Sector

Steel sheets used in the production of furnitures is an example of (1) an intermediate good (2) a final good (3) an investment good (4) a consumption good

Description : Steel sheets used in the production of furnitures is an example of (1) an intermediate good (2) a final good (3) an investment good (4) a consumption good

Last Answer : (1) an intermediate good Explanation: Intermediate goods are semifinished products are goods that are used as inputs in the production of oilier goods including final goods. It comprises material or ... , intermediate goods either become part of the final product, or are changed beyond recognition.

What is the term in economics for the consumption of fixed capital? a) Investment b) Value added c) Production flow d) Depreciation

Description : What is the term in economics for the consumption of fixed capital? a) Investment b) Value added c) Production flow d) Depreciation

Last Answer : d) Depreciation

What are Capital goods? a) Goods used for consumption in the production process b) Goods such as tools, machinery, etc which are used to create final consumer goods c) Goods and services that are consumed fully when purchased by the consumers d) None of the above

Description : What are Capital goods? a) Goods used for consumption in the production process b) Goods such as tools, machinery, etc which are used to create final consumer goods c) Goods and services that are consumed fully when purchased by the consumers d) None of the above

Last Answer : : b) Goods such as tools, machinery, etc which are used to create final consumer goods

What are consumption goods? a) Goods used for consumption in the production process b) Goods such as tools, machinery, etc which are used to create final consumption goods c) Goods and services that are consumed fully when purchased by the consumers d) None of the above

Description : What are consumption goods? a) Goods used for consumption in the production process b) Goods such as tools, machinery, etc which are used to create final consumption goods c) Goods and services that are consumed fully when purchased by the consumers d) None of the above

Last Answer : : c) Goods and services that are consumed fully when purchased by the consumers