This quiz works best with JavaScript enabled. Home > Economics > Production > Production Economics – Quiz 24 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Production Economics Quiz 24 (7 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The concept of khalifah as a successor is reflected in production where A) A producer has the authority to ensure all business activities must be halal. B) Specialization and division of labor take place to enhance efficiency and productivity levels. C) A market mechanism with minimum government intervention is preferred in Islamic economics. D) A producer should not be biased towards profit maximization over Islamic law. Show Answer Correct Answer: A) A producer has the authority to ensure all business activities must be halal. 2. A point inside the PPC indicates A) Full and efficient utilization of resources. B) Inefficient utilization of resources. C) Unemployment. D) Both B & C. Show Answer Correct Answer: D) Both B & C. 3. A person who makes a good or provides a service is called a A) Consumer. B) Producer. C) Provider. D) Customer. Show Answer Correct Answer: B) Producer. 4. Some agricultural co-operatives have changed from labour-intensive to capital-intensive methods of production. What might be a cause of this change? A) Average productivity of agricultural workers has increased. B) Farming equipment has become more efficient. C) People are eating less food for health reasons. D) Some agricultural land has been sold for housing. Show Answer Correct Answer: B) Farming equipment has become more efficient. 5. There has been a move away from labour-intensive to capital-intensive production in developed economies. Which type of activity remains labour-intensive? A) Assembling cars. B) Designing clothes. C) Farming cereals. D) Manufacturing steel. Show Answer Correct Answer: B) Designing clothes. 6. How do fixed costs affect marginal cost? A) Increase by the amount of MC. B) Decrease by the MC. C) Not at all. D) Just a wee bit. Show Answer Correct Answer: C) Not at all. 7. The production function means relationship between A) Cost of input. B) Physical input to physical output. C) Cost of output. D) Wages for production. Show Answer Correct Answer: B) Physical input to physical output. ← PreviousRelated QuizzesEconomics QuizzesProduction Economics Quiz 1Production Economics Quiz 2Production Economics Quiz 3Production Economics Quiz 4Production Economics Quiz 5Production Economics Quiz 6Production Economics Quiz 7Production Economics Quiz 8Production Economics Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books