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The Story of Village Palampur Test - 8

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The Story of Village Palampur Test - 8
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Weekly Quiz Competition
  • Question 1
    1 / -0
    In Economics, Production Activity should involve _____________________.
  • Question 2
    1 / -0
    Production includes ____________________.
    Solution
    Production is any economic activity that involves the creation of utility whether in the form of manufacture of goods or rendering of services. 
    Mining also is a part of production as it creates utility and is undertaken with an economic purpose, i.e. to earn money.
    Hence, the correct answer is D.
  • Question 3
    1 / -0
    Increased production of ___________ would lead to higher production output in future.
    Solution
    Capital goods are those goods which help to increase the production capacity of an economy. For example, machinery and equipments.  Thus, larger production of capital goods would lead to higher production in future.
  • Question 4
    1 / -0
    Production of Cellphones by a Manufacturing Company is an example of Production Activity. This statement is -
  • Question 5
    1 / -0
    Production = Creation of Utility. This statement is ________________.
    Solution
    Production is an economic activity. Production is a process where the goods and services are created or manufactured. 
    Utility refers to the usefulness of a good or service. For example, when a manufacturer converts the yarn into a cloth, he adds utility to yarn, so that we can wear it. 
    Thus, production creates as well as adds utility.
    The correct answer is A.
  • Question 6
    1 / -0
    The economic costs of production _____________.
    Solution
    Economic cost is the summation of explicit as well as implicit cost. Implicit cost refers to the opportunity cost of the highest valued income or investment opportunities that are foregone. Thus, the economic cost of production includes the explicit cost of inputs plus the opportunity cost of the highest valued income or investment opportunities that are foregone. 
  • Question 7
    1 / -0
    Production is defined as _____________.
  • Question 8
    1 / -0
    Which of these is a Production Activity?
  • Question 9
    1 / -0
    Which of the following statements is true regarding production?
    Solution
    The services rendered by a doctor are considered as production in economics as by rendering services to the patients the doctor can earn monetary reward. His services also increase the services available in an economy.
  • Question 10
    1 / -0
    Production refers to ___________________.
    Solution
    Production is an economic activity involving the production of goods as well as services. 
    Goods are tangible as we can see, touch and feel them. But, services are intangible as we can only feel them. 
    Manufacturing of cosmetics is an example of the production of goods, whereas a beauty parlour giving beauty treatment is an example of production of services.
    The correct option is C.
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