Taxmann's CRACKER | Business Economics & Business and Commercial Knowledge

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Chapter-Wise Marks Distribution S. No.

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15

8

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s e l c y C s s e n i s u B

13 23 16 16 17 12 2 10 11 12 12 12 BUSINESS & COMMERCIAL KNOWLEDGE (40 MARKS) 10 7 7 9 8 7

15 11

17 12

ln a o i i c t rc eu d mo r mt n oI Cn A &e sg sd e el nw io s un BK

7

7

d n a n o i t c u d o r P

4 9 4

8 5 5

7 7 7

2 2 5

4 5 7

6 8 7

7 7 7

6 7 7

g n i t a t i l i c a F s n o i t a s zs i e n n ai gs ru OB

6

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i m r e T s s e n i s u B n s oe mg i ml o oo Cn

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n o i t a s i n a g r O s s e n i s u B i s u B r o f s e i c i l o P th n t ew mo nr rG e s vs oe Gn

t n e m n o r i v n E s s e n i s u B

11

12

-

t e k r a M f o e p y T d n a g n i n a e M

10

16

f o y r ot es ho TC

7 8 9

p u S d n a d n a m e D f o y r o ey hl Tp

6

o c E

2

f o e p o c S d n a s ec r ui tm a o Nn

1

May Nov. May Nov. Nov. Jan. July Dec. 2018 2018 2019 2019 2020 2021 2021 2021 BUSINESS ECONOMICS (60 MARKS) 10 10 10 11 12 11 11 - 10

4 5

Chapter

-

-

Total Marks 100

I-5

Chapter-Wise Comparison With Study Material Chapter No.

Name of Chapter

Study Material Chapter

5

s e l c y C s s e n i s u B

4

t e k r a M f o e p y T d n a g n i n a e M

3

t s o C d n a n o i t c u d o r P f o y r o e h T

2

y l p p u S d n a d n a m e D f o y r o e h T

1

s c i m o n o c E f o e p o c S d n a e r u t a N

BUSINESS ECONOMICS (60 MARKS) PART A: Chapter 1 PART A: Chapter 2 PART A: Chapter 3 PART A: Chapter 4 PART A: Chapter 5

11

s e i g o l o n i m r e T s s e n i s u B n o m m o C

10

s s e n i s u B g n i t a t i l i c a F s n o i t a z i n a g r O

9

h t w o r G s s e n i s u B r o f s e i c i l o P t n e m n r e v o G

8

PART B: Chapter 1 PART B: Chapter 2

n o i t a s i n a g r O s s e n i s u B

7

t n e m n o r i v n E s s e n i s u B

6

K C B d n a s s e n i s u B o t n o i t c u d o r t n I

BUSINESS & COMMERCIAL KNOWLEDGE (40 MARKS)

I-7

PART B: Chapter 3 PART B: Chapter 4 PART B: Chapter 5 PART B: Chapter 6

Contents E G A P

Chapter-wise marks distribution

I-5

Chapter-wise comparison with study material

I-7

PART I : BUSINESS ECONOMICS S C I M O N O C E F O E P O C S D N A E R U T A N

CHAPTER 1

1.3

Y L P P U S D N A D N A M E D F O Y R O E H T

CHAPTER 2

2.1

T S O C D N A N O I T C U D O R P F O Y R O E H T

CHAPTER 3

3.1

S T E K R A M F O S E P Y T D N A G N I N A E M

CHAPTER 4

4.1

S E L C Y C S S E N I S U B

CHAPTER 5

5.1

PART II : BUSINESS & COMMERCIAL KNOWLEDGE E G D E L W O N K L A I C R E MN O MI OT CC U &D SO SR ET NN II S UN BA

CHAPTER 6

6.3

T N E M N O R I V N E S S E N I S U B

CHAPTER 7

7.1 I-9

S T N E T N O C

I-10

E G A P

CHAPTER 9

9.1 H T W O R G S S E N I S U B R O F S E I C I L O P T N E M N R E V O G

CHAPTER 10

10.1 S S E N I S U B G N I T A T I L I C A F S N O I T A Z I N A G R O

CHAPTER 11

11.1 S E I G O L O N I M R E T S S E N I S U B N O M M O C

P.1 SOLVED PAPER: DEC. 2021 (MEMORY BASED)

8.1 N O I T A S I N A G R O S S E N I S U B

CHAPTER 8

3

C H A P T E R

THEORY OF PRODUCTION AND COST 1. What is Production is Economics:

. r e t t a m e t a e r c n a c n a M ) (

e r a e f i w e. s n uo i ot hc u ad fo o r sp e d ce i v r r e e d s i s en ho Tc ) (

y t i l i t U f o n o i t i d d A / g n i t a e r C ) (

n o c e r a r o t c . on do i at c fu o sd e o cr i p v r d e e s r ee d hi Ts ) ( b

s n i a r g d o o f f o n o i t c u d o r P ) (

c

a

e h , e l b a t a s e t a e r . c r e nt t aa mm as e nt ea he r Wc ) (

s e c i v r e s f o n o i t a e r C ) ( b

s d o o g f o g n i r u t c a f u n a M ) (

d

c

d

y t i l i t u g n i t a e r C ) (

y t i l i t u g n i y o r t s e D ) (

y a w t s e b n i t i f o r p g n i n r a E ) (

y l l a n o i s s e f o r p s e c i v r e s g n i d i v o r P ) ( c

d a n i e c n an o mi t rc on f r u e f pl ea cu nn an da e pg ue l ol ro Gc ) (

m o r f g n i l l a f s i o h w d l i h c a g nl l i d a l w o Ha ) (

e r t a e h t a n i t r a n a g n i m r o f r e P ) (

n o i t p m u s n o C ) (

n o i t c u d o r P ) (

n o i t u b i r t s i D ) (

[CA CPT June 2017]

c

g n i l l . a d f a o mr oe rh f t dn l i o h cl e o ah gn na i t m n ea vo et r n Pi ) (

d

e g n a h c x E ) (

c

. s d n e i r f e r o f e b g n o s a g n i g n i S ) (

b

. l i o s f o g n i l l i T ) (

. e r u s a e l p r o f e r u t c i p a g n i t n i a P ) (

n o i t p m u s n o C ) (

7. Which activity is the base of all production activities

d

b

g n i s s o r c n i n o s r e p d n i l b ad ga no i r p l e e h Ht ) (

[CA CPT May 2019]

6. In Economics, entire process of _________ is nothing but creation of utilities in the form of goods and services.

d

[Jan. 2021]

c

a

2. Which of the following is considered as production in economics?

5. Production may be defined as an act of: [CA CPT Dec. 2008]

a

b

a

3. Which of the following is considered production in Economics?

a

b

n o i t c u d o r P ) (

3.1

a

b

4. Which of the following statements is true?

-

Meaning of Production

a

e g n a h c x E ) (

t n e m t s e v n I ) (

Factors of Production c

) ( r o ) ( r e h t i E ) (

k n a B d n a , r u o b a L , d n a L ) (

r e w o p n a m d n a r e n w O , l a t i p a C ) (

r u e n e r p e r t n E d n a r u o by ai t Li l ,b d na l aa Li ) ( e r t n E d n a l a t i p y at Cl i i ,b r ua ol bi a ar Lu ,e d n ne ar Lp ) (

s e t a B s e m a J ) (

l a t i p a C ) (

) ( d n a ) ( h t o B ) (

r u o b a L ) (

l l a h s r a M ) (

d n a L ) (

n o s n i k r a P .

R .

J ) (

y t i l i b A l a i r u e n e r p e r t n E ) (

n o i t n e t n I ) (

y t i l i b A ) (

y t i c a p a C ) (

y t i l i b i s s o P ) (

d

n a m u h n o s d n e p e d s s e n l u . fs e t s r uo f sf t e I ) (

c

c

. e l i b o m m i s i t I ) (

b

s i y m o n o c e e h t r o f y l p . pd ue t si sm t i I l ) ( a

b

. s r e h t a f e r o f r u o y b d e c u d o r p s i t I ) (

e v o l f o t u o d l o h e s u on ho i at c ne i f h f t a i W& ) (

11. Production does not include work done ______________.

ro ot e sl r ob i t s c s ao . f s pe etc hi i v t er eke r as a md _ n _ ha _ cs _ i d _ h _ o wo _ _ sg _ e e _ cc _ r _ u ud _ oo sr e p r

e v o b a e h t f o e n o N ) (

e r u t a n f o t f i g e e r f a s i t I ) (

s e c i v r e s y r a t n u l o V ) (

16. Which of the following is not a characteristics of Land?

c

n o i t c u d o r p f o r o t c a f e l i b o m a s i t I ) (

d

y t i t n a u q n i d e t i m i l s i t I ) (

n o i t p m u s n o c f l e s r o F ) (

a

b

15. Which of the following is not a characteristic of land?

a

c

d

10. ______________ to exchange in the market is an essential component of production.

d

a

) ( & ) ( h t o B ) ( i l i c a f l a r u t c u r t s a r f n i f o n o i t a ee s r i Ct ) (

c

b

. e v o b a e h t f o l l A ) (

c u r t s e d n i s i r e w o p e v i t c u d o r e pl b si t I t ) (

[CA CPT Dec. 2012]

d

b r e t t a m n i y t i l i t u f o n o i t a e r C ) (

a b

14. Which of the following factors of production is a free gift of nature and refers to Natural resources? a

b

-

c

-

d

9. According to _______________, Production is the organized activity of transforming resources into finished products in the form of goods and services, and the objective of production is to satisfy the demand of such transformed “resources”.

a

[CA CPT June 2015]

s t u p t u O ) (

r e t t a m f o n o i t a e r C ) (

d

b

a

d

b

a

c

a

13.

-

c

b

8. Production is defined as:

a

[Nov. 2020]

s t u p n I ) (

12. Factors of production refer to :

d

b

b a d

S C I M O N O C E S S E N I S U B : I T R A P

3.2

c

T S O C D N A N O I T C U D O R P F O Y R O E H T : 3 .

H C

[CA CPT Dec. 2016]

d

y t i l i c a F ) (

23. Labour force wants more ___________. e r u s i e L ) (

e r u t a n f o t f i g e e r f a s i d n a L ) (

t i f e n e B ) (

e l i b o m m i s i d n a L ) (

e v o b a e h t f o l l A ) (

a

r o t c a f e v i s s a p a s i d n a L ) (

18. Which of the following statement about factors of production is not true?

c

c i t s a l e , c i t s a l E y l t c e f r e P ) (

d e t i m i l s i y l p p u s s t I ) ( d

c i t s a l e n I , c i t s a l E y l t c e f r e P ) (

e d n i e r a s r e w o p n o i t c e ul db i ot rc pu r st t s I ) ( -

b

a

b

y l e v i t a l e R

s e s u f o y t e i r a v s a h t I ) ( b

, c i t s a l e n I y l t c c ei t f s r a el PE ) (

a

a c

tively ____________ from the point of view of a firm. c i t s a l e n I , c i t s a l e n I y l t c e f r e P ) (

r o t c a f e v i t c a n a s i t I ) (

17. Which among the following is not a characteristic of land?

3.3

b

c

d

e l b a h s i r e p s i d n a L ) (

c

[CA CPT Dec. 2009]

d

[CA CPT Nov. 2018]

e l b a h s i r e p s i t I ) (

r e w o p g n i n i a g r a b k a e w s a h t I ) (

a

a

t o n n a c r e w o p r u o b a Ld e dt na ar ra up oe bs ae Lb ) (

s u o e n e g o r t i B ) (

b

e l i b o m t o n s i r u o b a L ) (

b

s u o e n e g o r e t e H ) (

s u o n e g o m o H ) (

19. No two pieces of land and alike.

They differ in fertility and situation.

Therefore, Land is _______________.

24. Which of the following is not a characteristic of labour?

c

d

. e s e h t f o e n o N ) (

c

[CA CPT Dec. 2016]

d

25. The concept of “innovative entrepreneurship” was given by h t i m s m a d A ) (

e l i b o m s i t I ) (

20. Which of the following is correct about Land?

a

e s u e l g n i s s a h t I ) (

l l a h s r a M ) (

d e x i f s i y l p p u s s t I ) (

a t h e M K J ) (

. s u o e n e g o m o h s i t I ) (

r e t e p m u h c S ) (

a

b

b

c

d

c

d

[Nov. 2020]

c i t s a l E ) (

21. Supply of land is :

26. The labour power or efficiency of labour depends upon the ________________.

c i t s a l E y l t c e f r e P ) (

a

d e r i u q c a d n a t n e r e h n i s. ’ s r e e i r t i ol ba au Lq ) (

c i t s a l e n I y l t c e f r e P ) (

b

c

c i t s a l e n I ) (

a

c

. e v o b a e h t f o l l A ) (

22. The total supply of Land is _____________ from the point of view of the economy. However, it is rela-

b

k r o w o t e v i t n e c n I ) (

[Nov. 2019]

t n e m n o r i v n e k r o w f o s e r u t a e F ) (

d

d

S C I M O N O C E S S E N I S U B : I T R A P

3.4

c

n a m u H ) (

a

e l b i g n a T ) (

s i h e r o t s t o n n a c r e r u . or bu ao l b a Al ) (

27. Labour is highly perishable in the sense that ____________________.

d

g n i d l i u B ) (

. t r o h s s i r u o b a l f o e f i l e h T ) (

32. Which of the following is not a passive factor of production? e n i h c a M ) (

. d e c i r p w o l s y a w l a s i r u o b a l e h T ) (

r u o b a L ) (

a

re uh ot bs an l i a st i e h r st l lu. e k sbr , rso ee rgw uao owt y b t t as i l c n a eip a hg a Ta c ) (

b

d

c

d

[July 2021] 33. Which one of the following may be regarded as a part of social capital? s d a o R ) (

b

y r e n i h c a M ) (

c

) ( & ) ( h t o B ) (

a

a

s e g d i r B ) (

e v i s s a P ) (

28. Without the active participation of labour, land and capital may not produce anything. It means labour is ________________ factor.

b

d n a L ) (

c

e v i t c A ) (

b

g n i k r o W ) (

c

g n i t u c e x E ) (

d

d

34. The three stages of capital formation are : a

e s i r p r e t n e s s e n i s u b a g n i t a i t i n I ) (

, s g n i v a S , g n i v a S t fn o e nm ot i s t e a zv i n l i i b d on Ma ) (

o r p y a d o t y a. ds e i ft o i v i nt oc i a s i n v o r i e t pc uu Sd ) ( -

a z i l i b o m d n a g n i v ag Sn ,i t v n a eS mf to s e n vo nt i I ) (

[July 2021]

a z i l i b o m d n a t n e . ms tg s n e i vv na I s , f g no i n v o ai St ) (

g n i r a e b y t n i a t r e c n u d n a k s i R ) (

a

b

s g n i v a S f o n o i t a z t in l i e b om t Ms ,e s v g n ni i d v an Sa ) (

. s n o i t a v o n n I ) (

29. Which one of the following is not a necessary function of an entrepreneur?

a

b

c

d

s l a u d i v i d n i y b s g n i v a S ) (

30. Human capital refers to:

g n i v a s f o n o i t a s i l i b o M ) (

a

d

35. __________________ means a sustained increase in the stock of real capital in a Country. a

s g n i v a S f o n o i t a z i l i b o M ) ( c

l a t i p a C f o n o i t a z i l i b o M ) ( d

36. Which one of the following statements is not correct?

s r e w o p e l b i t c u r t s e d n i s a h d n a L ) (

g n i t a l u c r i C ) (

31. _____________ Capital performs its function is production in a single use and is not available for future use.

a

e l i b o m s i r u o b a L ) (

d e x i F ) ( b

-

b

[CA CPT June 2016]

a

d

-

s g n i v a S ) (

t n e m t s e v n i e v i t c u d o r P ) (

c

c

n o i t a m r o f l a t i p a C ) (

s e i t i l i b a d n a s l l i k s n a m u H ) (

b

b

b

T S O C D N A N O I T C U D O R P F O Y R O E H T : 3 .

H C

t f i g s ’ e r u t a n s i l a t i p a C ) (

r e t e p m u h c S ) (

. r o t c a f e v i s s a p a s i d n a L ) (

y z e e w S ) (

c

d

3.5

c

d

37. Functions of the entrepreneur are:

42. The basic minimum objective of all kinds of enterprises is to survive or to stay alive. It may be regarded as ______________ objective of the enterprise.

e s i r p rg e n t i t n a en i sd s r e o ni o s uc be c ar u go ns i e t r a i d t i n n a I ) (

a

b

s n o i t a v o n n i w e n g n i c u d o r t n I ) ( e c r u o s e r d n a s s e n i s n uo bi t aa gn ni i d t r a o i t i o n c I ) (

38. An Entrepreneur undertakes which one of the following functions? a

t h g i n K ) (

39. Innovation theory of entrepreneurship is propounded by: r e t e p m u h c S ) (

a

d

e c n a n i F ) (

b d

b

d

45. Which one of the following function is performed by entrepreneur? a

b

c

. e v o b a e h t f o l l A ) (

h t i m S m a d A ) (

a

c

s n o i t a v o n n I ) (

s n i b b o R ) (

41. Who has given the concept of Innovative Entrepreneurship?

b

r a e b y t n i a t r e c n u r o g n i r a e b k sg i n Ri ) (

t i f o r p n r a E ) (

c

a

d n a e s i r p r n e o t i n t a En si s d e r no i s uo BC ge c nr i t u a o i t s i e n r I ) (

y t i l i b i s n o p s e r f o e s n e s e h t r a e B ) (

a

44. ____________ mobilizes factors of production, combines them in the right proportion, initiates the process of production and bears the risks involved in it.

r u e n e r p e r t n E ) (

e t a v o n n I ) (

40. The most important function of an entrepreneur is to ____________.

d

O E C ) (

[CA CPT Dec. 2013]

c

r e g a n a M ) (

r e k c u r D r e t e P ) (

c

b

n a m s s e n i s u B ) (

r e b e W x a M ) (

b

a

l a n o i t a N ) (

[CA CPT June 2014]

43. ______________ objective implies the profit maximizing behaviour of the firm.

l a i c o S ) (

e v o b a e h t f o l l A ) ( d

d

c i m o n o c E ) (

s n o i t a v o n n I ) ( c

c

c i n a g r O ) (

g n i r a e b y t n i a t r e c n u r o k s i R ) ( b

b

l a n o i t a N ) (

[CA CPT June 2009]

a

l a i c o S ) (

d

c i m o n o c E ) (

e v o b a e h t f o l l A ) (

c

c i n a g r O ) (

[CA CPT June 2008]

g n i r a e b k s i R ) (

[CA CPT June 2016]

d

-

l na ec ei s wy th e bp pd i h sn na os i t t u a l p e n r i ll a cat . i cu n i hsp cyt ehu Tpo ) (

. e v o b a e h t f o e n o N ) (

a

c

d

fn o e yk t a i t t n e am ui . qt t ndu p ent ea u wdo te e e bch u t pd i e oc h sru npd oto i u t r p a p l t e u o Rot ) ( p i h s n o i t t a u l e p r t u lo a c& i n t hu cp en t i an e ye l e w r t ue Pb ) (

p i h s n o i t t a u l e p r t cu i mo o& nt ou cp en i nn ae ye l e w r t ue Pb ) ( es ’ hm tr . n nio efi e t eh c wt u tdd e no ba r sp pt f i uo h spt nns oio f i c t o l a a y l t e n i rt i g nr ea hua Tqm ) (

a

. eot htu tdp t neu edo eef weo tnl e e sv bt ue ppl i nn h e siv nfi oog i t a s a e e l i t e c i rt u nd ea o hur Tqp ) (

l& a c i t mu op nn oi cn ee &e lw a t ce i b n h p ci eh t es hnt o t u i ht p a t t l o u e Br o ) (

e v o b a e h t f o e n o N ) (

s t u pm nr i i f la a cf i o s y t hu pp t fu o o yl t a i c ti n s ay uh qp ed hn Ta ) (

m r i f a f o y l p p u s d n a e c i r P ) (

ee ht h. t t ndc enu ead o w r d te p e s bu f o psy i tt h u i sp t n nn a oi i u t f q a o l g e y r n t i i t et l hnu a t s ue sq r I ) (

t u p t u o d n a s t u p n i f o s e c i r P ) (

52. The production function:

t u o f o k c o t s d n a s t u p n i f o k ct ou t S p ) (

en l o b i t aa nn i i a b t t m a o mc un me v ii x ag ma em o hr . s t t f st u uu p spn l ti l u e f Too ) (

s d l e i y t a h t n o i t a . t nu i b p t mu oo ce rm e ha t s o e nh At ) (

d en r la a s ct i u g p on l o i . n t hnc ceu eed t wo tr ee p hb t a spf e io s h s st e nu r p ot pi tu xa El o ) (

. t u p t u o g n i t l u s e r t s e h g i h e h T ) (

. e v o b a e h t l l A ) (

d

-

c

49. The production function is a relationship between a given combination of inputs and:

b

[CA CPT Dec. 2012]

fd o e t ra oe t r c ac f y t al i i nt eu ee wh tt e d bn pa i n h o si nt oc i u. t t di a l oy e rb Rp ) ( t es ho tc ne eh et wd n ta e be u pn i e h . svn neo ort i l i a t c t a u o l e d t r’ o sr emp hi rf Tf o ) (

d

a

c

d a

c

48. A production function is defined as the relationship between __________.

b

d

51. Production function is: c

e cl ab f a di r ea xv i f d. nnn eao e t i wnc o tt i u e d c bu o r pd i op h srf npo s ofr i o t o a t sc l r e a of Rt ) (

a

d

b

c

t e k r. a d me i nl ep ep wu ts e y t bi t pn i h sa nu oq i d t n a l a e r e c ei hr Tp ) ( 47. Which of the following is the best definition of “production function”?

-

b

Production Function

e b n a. cs t tu a p hn t i te u s po t h u t oy fb o d se l t e a vr ee l n le l A g ) (

n o s l e u m a S l u a P ) (

50. What is a production function? b

e rn e no en gi e ts u a pe t r u c oi n t ni i n u es e a n eo r c . y t nb i u p dt ee ht u Ta o ) (

r e k c u D r e t e P ) ( a

-

c

46. According to _____________, the true function of an entrepreneur is to introduce innovations.

[CA CPT Dec. 2013]

-

b

d

r e t e p m u h c S ) (

a

b

S C I M O N O C E S S E N I S U B : I T R A P

3.6

T S O C D N A N O I T C U D O R P F O Y R O E H T : 3 .

H C

n o i t c n u f t s o C ) ( t s o c O S I ) (

srge nan h l t i ou t i l t t c u a i sa t nr e s i ari b mptn o o ui p cat t a tnuz . il uiol i e p t d v e u ne e h i l dt r ru i m el,e u h vcnt o n ei m i t t i a c mx e hn noa ur Wo m ff ) (

n o i t c n u f t n e m t s e v n I ) (

. e v o b a e h t f o l l A ) (

n o i t c n u f n o i t c u d o r P ) (

54. Which function shows relationship between input and output?

a

b

55. A functional relationship between inputs and output is called...........

n o i t c n u f n o i t p m u s n o C ) (

d e x i f e r a ns . ot i u t c p un di ol e rb pa fi o r sa r v oo t c an f d l n l A a ) (

n o i t c n u f n o i t c u d o r P ) (

c

c

el l r a a n su t r u pg nn i o ll l . a el e nhb uti a rnr a tiv e r l oi e hh r swa s e,t hd u t ep xn nf i I i ) (

ls t l a o sc e i t r s a a vl e . me s t rh i u tp f edn hi ni t f nfo o ut n rs o tt r i t oua hpn sni eib hsm t i t fo no c I ) (

f o . ed ne x oi tf s s a i el s l e tv a e ,l n t uu rp tn r i os h’ sm r ei hf t e nt h I ) (

gwp no i i hu k atq mue o d sb i n a a mn t ro i n i f s a ei l hc . p e y t l , g d t n n n udi e ret i s n c i gi i x nr ae f f ot e l et ess n hnu o t e com na I t ) (

d

-

e osgl i t n b i z a sPi i dAi lr n t a oeuv phff st o o e t r s h l r e cu i oi si t ch e t n ewra gnau ai sq t a s egg tg ni n s i n r . i asss a a f re t eu r e rc e p c hh ni ni n Tt i ) (

c

ltn ea l ua b np i ag tt t i rua o v ea e f nmo s i a gt ye en r hi ic t t s n n gaai e . nr u e i t cqna h ce ar e c adh g e t n r f di , e s s eon n a r i e a otrt n u r f i t c e bn o e Bpr oi ) (

b

b

oe rn po n da nh at es s l b e al i n r i a ve n eo r d a s si t u n po nir . t i c a lu l e A dy ) (

-

a

ersd e e ht co t a r u fe p d o r l na tgi n n ti au i g o ,pr pn na noi i em ot i cle t b h n c at eui l r n f f i a n v n n i o o ei ei hc t tt hc t ufu rd o d. e et e o t r c f s ru Ap au ) ( a

59. To economists, the main difference between the short run and the long run is that: 56. Which of the following statements is true?

-

[Nov. 2020]

d

d

s i h c i h w . r da oe i y r ee pn o an a yh l t l a r re er t no eh Gs ) (

n o i t c n u f e u n e v e R ) (

b

og rn pi v a fe o . l y rrr oes t h t t c u i ae d f nn dsi em e xr h i it f g efn ndi one r a tnt s n o a i e t ec l r tuo Adn ) (

n o i t c n u f t s o C ) (

. e v o b a e h t l l A ) (

d

b

a

-

[CA CPT Dec. 2010]

a

n o i t c n u f t s o C ) (

c

d

n o i t c n u f n o i t p m u s n o C ) (

c

c

[CA CPT Nov. 2006]

” t c . ay eg ho t l o f n o h c ee t a t t n S o “ i nt ec vu i d g o ar sp i ee r h e t hn Ti ) ( i t s b u s l a c i n h c e t f o e t a r l a n i n g o r i a t u Mt ) ( c

58. The short run, as economists use the phrase, is characterized by: d

. de nm ai t sf t u o pd no i i r ne ep ea wr to e f bs t ps i i h x se ns ot i u t a p l t e u Ro ) (

n o i t c n u f n o i t c u d o r P ) ( a

b

-

d

a

b

57. Which one of the following is the assumption underlying any production function?

53. __________ shows the overall output generated at a given level of input:

3.7

S C I M O N O C E S S E N I S U B : I T R A P

3.8

. w o n m o r f s r a e y e v i f o t p U ) (

s i t u p n i e n o t s a e l t a s a g n. od l e x si Af ) (

eso s n t i a . g se ee r t c bea e ur dtng i c t n ou ni t s oa sdc o nr e i r tc g epue bebd tg a c e as ur t deaa ovee rars p ca lnee a edr t hoc o n Twt i ) (

noe atc ceu sd sn e e r i o t p i r t s . on n e ar ei o uns t a qi c eu edr s ec d og no hni r waop t h f tc eo u r l y pl i e s ie ns v i e tadl e a ee heh h Tbt t ) ( let s a g i ua t qr a ee t svu i tab c ,g ut n dci ous rda po e lr r a c npe i ed g r g s a ai rc tt me . s nvue e dh a h og rh i op Wt ) (

noe atc ceu sd dne nor ap r . mson e er ei o s dna t c eieu d r s oecd o hgnr i n wa op ht f tc u eo pyre l i l ni s v i se e tadl e a ee heh h Tbt t ) ( t eec vvu r r . uu dt ccoc tt ru c d ucpo duer g d oo ap r r l r p a lpen v a i neag g i e r g a ha r r t a e m , mvwo ot eal hee l t h a ntbu esmq t hu oe ri Wc s f ) (

. e l a c s f o s e i m o n o c E ) (

. e l a c s o t s n r u t e r t n a t s n o C ) (

s n r u t e r g n i h s i n i m i d f o w a L ) (

e v o b a e h t f o e n o N ) (

n a c i r e m A ) (

e s e n a p a J ) (

t s o C e g a r e v A ) (

h s i t i r B ) (

t s o C l a t o T ) (

n a i s A ) (

t s o C d e x i F ) (

t s o C e l b a i r a V ) (

[CA CPT Dec. 2008]

67. In its original form, the CobbDouglas production function applies:

d

d

c

c

b

b

a

a

63. Long-run does not have:

. e l a c s f o s e i m o n o c e s i D ) (

e l a c s o t s n r u t e r f o s w a L ) (

[CA CPT June 2015]

. l e v e l n o i t u l l o p n i e s a e r c n i n A ) (

s n o i t r o p o r p e l b a i r a v f o w a L ) (

d

66. Paul Douglas and Cobb studied the production function of the ____________ manufacturing industries.

c

b

c f ndo n i ad te n c t e ua e dr h o t g rn pi t a h ls a i m t n o u i t mm ,ii o d x waa tt . me ea g s s ge a e t as h s t acs s a e i r eh nc r I t ) (

b

Cobb-Douglas Production Function

a

a

-

d

d

62. Long period production function is related to:

65. In the long run, if a very small factory were to expand its scale of operations, it is likely that it would initially experience c

d

b

-

61. In the short run, the firm’s product curves show that

c

a

tr to fo o r no p e nhr asi s cest i yhee d t t i g t e nh n n ait a ud h qeoc t g en eo s s t a o ny hho n wcp a ysp tl e . u pkrmn c ni noo i u i i t t q,cc a n eu heu hd Tbr t ) (

. d e x i f e r a s t u p n i l l a s a g n o l s A ) ( d

b

c

e,ec bnhu u t nr d f at o o cr r o yh p e t r i si s t t n esi ahee utdg qnen i ha ed t s h oeoc hgt o wnet a s th ny u pcon y pa nl i s p k t . ce n m a r i hu o oi nc Tqi t ) (

. w o n m o r f s h t n o m x i s o t p U ) ( b

-

a

64. A fixed input is defined as a

60. In describing a given production technology, the short run is best described as lasting:

T S O C D N A N O I T C U D O R P F O Y R O E H T : 3 .

H C

3.9

m r i f l a u d i v i d n i o T ) ( e h t n i g n i r u t c a f u n a m f o e l o h wA oS TU ) ( c

e v o b a e h t f o e n o N ) (

1th 3 th , 4 4

b

) (

s m r i F d e t c e l e s o T ) (

a

c

. e v o b a e h t f o e n o N ) (

d

d

[CA CPT Dec. 2015]

r u o b a L d n a d n a L ) (

68. In Cobb-Douglas production function, two inputs are:

g n i h s i n i m i D ) (

d n a l d n a r u e n e r p e r t n E ) (

g n i s a e r c n I ) (

a

r u e n e r p e r t n E d n a l a t i p a C ) (

b

t n a t s n o C ) (

l a t i p a C d n a r u o b a L ) (

a

72. According to Cobb-Douglas production function, will get __________ returns to scale?

c

[CA CPT Dec. 2013]

g n i r u t c a f u n a M ) (

69. The famous Cobb-Douglas production function is based on studies of __________ industries in the United States of America.

c

1 > , e l a c s o t s n r u t e r g n i s a e r c n I ) (

a

1 < , s n r u t e r g n i h s i n i m i D ) (

b

1 = , e l a c s o t s n r u t e r g n i s a e r c e D ) (

c

d

[CA CPT May 2018]

[Jan. 2021]

Total, Average and Marginal Product 74. What will be the total product when two labourers are hired according to the table given below?

b

Marginal product 0 0 - 5 5 3 2

a

Total Product 0 - 5 3

0 1 2

No. of labourers

0 8 5 ) (

) ( ) (

1 1 , 2 2

d

0 8 6 ) (

71. The conclusion drawn from CobbDouglas production function is that labour contributed about __________ and capital about _________ of the increase in the manufacturing production.

c

2 / 1 ) (

1 > , s n r u t e r g n i s a e r c n I ) (

70. If Cobb-Douglas function is given

by Q = KLaCb, then there will be ____________ when (a+b) __________

b

a

4 / 1 ) (

n o i t a i v A ) ( [CA CPT June 2017]

3 rd 1st , 4 4

73. According to Cobb-Douglas production function, labour contribution in increasing manufacturing production is b

d

a

[CA CPT Nov. 2018]

4 / 3 ) (

r e m u s n o C ) (

b

d

3 / 2 ) (

n o i t c u r t s n o C ) (

a

c

e v o b a e h t f o y n A ) (

d

b

S C I M O N O C E S S E N I S U B : I T R A P

3.10

t c u d o r P l a n i g r a M ) (

0 5 3 ) (

c d 79. Average product is defined as a

0 3 2 ) (

. e v o b a e h t f o e n o N ) (

c

d

l a n i g r a m y b d e d i v i d t c u d. ot r c p u ld a t o o r Tp ) (

t c u d o r P l a t o T ) (

75. Marginal product is the slope of: a

t c u d o r P e g a r e v A ) (

b

e. t hu tp n yi bl e b da er i da i v v i f d o s ti t c n uu df oo rr pe lb a m t u o Tn ) (

t c u d o r P l a n i g r a M ) (

b

c

t c u d o r P t i c i l p m I ) (

c

[Nov. 2019] 76. Consider the following table: Marginal Product

d

0 0 1 ) ( 0 5 1 ) (

0 4 2

80. Suppose the first four units of a variable input generate corresponding total outputs of 200, 350, 450, 500.

The marginal product of the third unit of input is: a b c d 81. Use the following diagram to answer the question given below it 0 5 ) (

0 0 0 1 8

0 0 1

0 1 2 3

Total Output

e. t hu t p yn i be db l ea di i r v a i v d f to c s ut di on ru pf lo a r ne i b g r m a u Mn ) (

d

Labour

l a t o t e h t y b d e d i v i d t c u d o r p l. a t t s o o Tc ) (

[CA CPT Dec. 2010]

0 0 1 ) (

a

0 8 1 ) (

b

0 0 2 ) (

0 8 ) (

What is the total output, when 2 labour are employed?

0 0 2 ) (

c

d

[CA CPT June 2008] C T – C V T = C F T ) (

77. Which of the following is correct : C F T – C V T = C T ) (

a

C V T – C T = C F T ) (

b

C V T – C F T = C T ) (

c

d

[Nov. 2019]

h t r u o f ; x i S ) ( a

d r i h t ; x i S ) (

t c u d o r P e g a r e v A ) ( b

h t x i s ; x i S ) (

b

a

h t f i f ; x i S ) (

t c u d o r P l a t o T ) (

78. _______________ is the total output resulting from the efforts of all the factors of production combined together at any time.

The marginal physical product of the third unit of labour is _____, the MP of the _____ labour is Negative

c

d

T S O C D N A N O I T C U D O R P F O Y R O E H T : 3 .

H C

g n i s a e r c e D ) (

a

m u m i x a M ) (

b

e v i t a g e N ) (

c

d

a

b

m u m i n i M ) (

. e l a c s o t n r u t e r g n i s a e r c n I ) (

m u m i x a M ) (

f o t c u d o r p l a n i g r a m g n i s . r a u eo r c b na I l ) (

83. Marginal product will be............. at the point of inflexion is

Output

f o t c u d o r p l a n i g r a m g n i h s. i r n u i o mb ia Dl ) (

[CA CPT May 2007, 2018]

Number of Workers

f o t c u d 3 0 0 o 0 2 4 5 r p l a n i g r a m 0 1 2 3 t n . ar t u s o nb oa Cl ) (

g n i s a e r c n I ) (

82. At the point of inflexion, the marginal product is:

3.11

a

c

d

e v i t a g e N ) (

b

o r e Z ) (

c

d

b

. e v r u c t c u d o r p l a n i g r a M ) ( c

. e v r u c t c u d o r p t i c i l p m I ) ( d

87A. Which of the following is Correct? .

1 1e 1 v P n no Pn P b T M T a - - n+ e h P nP P nt T M T f o = = = e n P nP nP no M M M N ) ) ) ) ( ( ( (

a

a

. e v r u c t c u d o r p e g a r e v A ) (

0 5 ) (

84. Suppose the first four units of a variable input generate corresponding total output of 150, 200, 350, 550.

What will be the marginal product of the third unit of input?

. e v r u c t c u d o r p l a t o T ) (

[Nov. 2020]

87. Marginal product, mathematically, is the slope of the

0 0 1 ) (

a

b

0 5 1 ) (

b

c

0 0 2 ) (

c

d

d

[CA CPT Dec. 2016]

Use table below to answer questions 88-91.

o t l a u q E ) (

b

m u m i x a M ) (

c

d

86. The production process described below exhibits.

88. What is the MP of 3rd unit of output?

0 1 6 8 1 1 ) ) ) ) ( ( ( (

[Jan. 2021]

MP

0 8 – – 1

n a h t e r o M ) (

a

TP

0 – 4 – 1 – 2

0 1 2 3

Output

n a h t s s e L ) (

85. When Average Product falls, marginal product is......... the Average Product.

a

b

c

d

[Nov. 2019]

t c u d o r p e g a r e v a n a h t s s e L ) (

e v i t a g e n s e m o c e B ) (

g n i s a e r c n I ) (

g n i s a e r c e D ) ( t n a t s n o C ) ( e n o N ) (

s ii x t ac mu sdt . t oc ir t u p a sld i a o t r n c i p ug e dr g oaa r mr p e env ge a ah r o wt e v l ama e u huq Tme ) (

sf no. rts uc n te o e i f t r f r e o g p e nh o i s t r ao p et r r o c st ne c i ta a f fl o en r i wes e lg aa l cn esa hoh Tt c ) (

0 8 0 0 0 4 8 1 1 5 ) ) ) ) ( ( ( (

yc l a n of f eo s s i e r i a t i l i eb l a i s ci s v . i s fd n o no i t sir f e o o i p meo osr nup a oc r ce o Ebt ) (

ns ad cn a ep l x a ce s y fr o t s su e i d. mnm oiu nnm i oet c p eho lwd a en nu rr o e cy t ce n ab I ) ( d

ti sd a n sta c i ut , nd c oo i u t rd c upog dern ogpi rali s pra r lens v i a i g nar t , i c g mau r m u d a o or mmt i p nxll eaaa hmut qo Wae t ) (

? ney erc han wne i oi c si t f tf i c n ue ud m dou erm cpi t u p dfo oot rsa pr d oe st i y c o al tf a p hlm le Wa ) (

l la ia x t auo q t me d ssn i i ta tc c , uut ddc oou rrd ppog n eeri ggpi s aalr a r r s n e e i i vvg t aar c n,au emmd hu o r op Wmt ) (

f mo ot ri f n du el na i n a o t i b t i od td u pa t n u a og an r ir t y o x ot el c epa hmf Tea ) (

,lr g a n o n i i g s g n a r i ea s i r mr c n r i de sn h i t ai t c ute dce oub rdy o pr a lp m a t o t ec t g ngun eadi r l he ol vr a Wa pf ) (

l l ea r t d n e er r eu hc t n i os t a eh ue nh er ve ef t r as tre f us e n l ee np ee hr x Tp e ) (

e v o b a e h t f o e n o N ) (

e ag ga er ne v sa i td c un da o g rtn pci u l ld l a a o nr f i e g p r r l a a a t mo t c ntu ee ,d hv o r Wt ip ) (

d

[Jan. 2021]

[CA CPT May 2019]

-

c

d

b

-

c

-

-

c

[Nov. 2019] 92. Marginal, average and total product of a firm in the short run will not comprise with a

b

[Nov. 2019] 91. What is the AP of 1st three units of output? a b c d

t c u d o r p e g a r e v a n a h t e r o M ) (

0 8 2 8 1 1 7 ) ) ) ) ( ( ( (

[Nov. 2019] 90. What is the AP of 1st three units of output? a b c d

t c u d o r p e g a r e v a o t l a u q E ) (

0 8 4 8 1 1 2 ) ) ) ) ( ( ( (

d

93. When average product rises as a result of an increase in the quantity of variable factor, marginal product is: a b c d [CA CPT Dec. 2016] 94. The marginal product curve is above the average product curve when the average product is: a b c d [CA CPT Feb. 2007] 95. Identify the correct statement: a 89. What is the total product of producing 2nd unit of output? a b c

96. Which of the following is correct in relation to Marginal Product? a

b

S C I M O N O C E S S E N I S U B : I T R A P

3.12

T S O C D N A N O I T C U D O R P F O Y R O E H T : 3 .

H C

o r e z s i r u o b a l f o t c u d o r p l a n i g r a M ) ( l l a f s i r u o b a l f o t c u d o r p e g a r e g vn Ai ) (

s i r u o b a l f o t c u d o r p ee v gi at ra e g ve An ) ( s i r u o b a l f o t c u d o r p e g a. r e e v vt i aa eg he Tn ) (

n e h w d e s u r e . z i d l i e t t r n e a f l dp ns ai dp eo er s c ee hh Tt ) ( f o t c u d o r p e g a r e v a e h t . sr l u a o ub qa El ) (

. d e z i m i x a m s I ) (

s di ep r a o r ec l c e nh et eh bc i sh a hw n ti a hd t n da. l sd e e i e f e t r n et a hf l To p ) (

. o r e z s l a u q E ) (

. nyy l i e rnl o e r mta o b rn a d f gn en a hi tn t a yv r bt o i lc du ec o s s l uda rnt oa u t c gb ant r ia t t n e ea h hl w Tp ) (

. e v o b a e h t f o e n o N ) (

ee ht h t g tn a i ht t a v si r t ul ou hc n fi o s rds . n e d e bp l e ms i urf t ne a me er h ha w Tf ) (

l l a e l db na ai r da ev xt i p f e sk i e tr u pa s nt i u ep nn oi r ye l h n t Oo ) ( vy aa ,m g t nc i . ug s i d r n ol i sr l i pa tl f c ar un o di ogg rrn pas i lmr i a d t r o ne t a h nei t eg e ha e rb We ) (

t n a t s n o c t p e k e r a s r o t c a f l l A ) (

e s e h t f o e n o N ) (

d

[CA CPT Nov. 2007]

l ta ac t tuo a dt d son i r a tp, c t ulc dau ond ri g o pr rg . n eapi e gmg s a,a i r r r e s vmei auvc t a ms u ni l a ex d u ha o qr Wme p ) (

e m a s e h t n i d e i r a v e r a n si o t t u r po np i o lr l A p ) (

e ag ga er ne v sa i td c un da . o g rtn pci u l ld l a a o nr f i e g p r r l a a a t mo t c ntu ee ,d hv o r Wt ip ) (

s t s o c e l b a i r a v e g a r e v a g n i s a e r c e D ) (

s t s o c l a n i g r a m g n i s a e r c e D ) (

td tc a un sda i ot , rc tp c u u ded. ogog n rari prps e i lvlr a a a s ni n,i i t gc g rmru auad mmmo isr p nxl l eaaa hmut qo Wae t ) (

s t s o c l a n i g r a m g n i s a e r c n I ) (

s t s o c d e x i f e g a r e v a g n i s a e r c e D ) (

[Nov. 2019]

100. If the marginal product of labour is below the average product of labour.

It must be true that:

103. Diminishing marginal returns implies: a b c d

d

b c

c

d

99. The marginal, average, and total product curves encountered by the firm producing in the short run exhibit all of the following relationships except:

s i r u o b a l f o t c u d o r p le a v ni i t g a r g a e Mn ) ( s i r u o b a l f o t c u d o r p e g a r e . vg an i el l ha Tf ) (

-

b

c

d

d

r u o b a l f o t c u d o r p l a n i g r a . o mr e ez hs Ti ) (

c

102. Law of variable proportion is valid when: a -

a

b

b

[CA CPT Aug. 2007] c

-

r u o b a l f o t c u d o r p l a ne . i g v r i t a a mg e en hs Ti ) (

a

101. In the production of wheat, all of the following are variable factors that are used by the farmer except: a 98. The average product of labour is maximized when marginal product of labour:

Law of Diminishing Returns d

b a

b

a

97. If the marginal product of labour is below the average product of labour, it must be true that:

3.13

c

S C I M O N O C E S S E N I S U B : I T R A P

3.14

g n o l e h t d n a n u r t r o h s e h t h. t n o u Br ) ( c

g n o l e h t r o n n u r t r o h s e h t r e h. t i n e u Nr ) ( d

0 5 , 0 5 , 0 5 , 0 5 ) (

104. Diminishing marginal returns for the first four units of a variable input is exhibited by the total product sequence:

[Nov. 2019]

0 0 2 , 0 5 1 , 0 0 1 , 0 5 ) (

109. The law of variable proportions is drawn under all of the assumptions mentioned below except the assumption that: a b

b

0 4 1 , 0 2 1 , 0 9 , 0 5 ) (

c

d

s n r u t e r g n i h s i n i m i d f o w a L ) (

a

s n r u t e r t n a t s n o c f o w a L ) (

c

d

. e v o b a ) ( & ) ( h t o B ) (

) ( & ) ( h t o B ) (

e v o b a e h t f o e n o N ) (

e t a r g n i s a e r c e D ) (

e t a r g n i s a e r c n I ) (

d o i r e p t r o h S ) (

e t a r t n a t s n o C ) (

d o i r e p g n o L ) (

. ) b ( d n a ) a ( h t o B ) (

s d o i r e p g n o l d n a t r o h s h t o B ) (

d o i r e p g n o l r o n t r o h s r e h t i e N ) (

m u m i x a m s i P T d n a P M ) (

g n i s a e r c e d e r a P A d n a P M ) ( c d

e v i t a g e n s i P T ) (

t r o h s e h t t o n t u b , n u r g n o l . en hu Tr ) (

e v i t a g e n s i P A ) (

g n o l e h t t o n t u b , n u r t r o h s . en hu Tr ) ( b

110. Law of increasing returns is applicable because of ___________. a b c d a b [CA CPT June 2010] 111. In the first stage of law of variable proportions, total product increases at the ___________. a b c d [CA CPT Dec. 2010] 112. During 2nd stage of law of Diminishing returns: a b . e l a c s f o s e i m o n o c E ) (

e l a c s o t s n r u t e r f o s w a L ) ( a

d

. n o i t a z i l a i c e p S ) (

n o i t r o p o r p e l b a i r a v f o w a L ) (

106. Production activity in the short period is analysed with the help of: a b c a b d [CA CPT Dec. 2012] 107. The Law of Variable Proportions is associated with: a b c d [CA CPT June 2016] 108. The “law of diminishing returns” applies to :

-

. s r o t c a f f o y t i l i b i s i v i d n I ) (

[Jan. 2021]

c

d n a n e v i g s i y g o l o n h c e. t e l eb a ht Ts ) (

s n r u t e r g n i s a e r c e d f o w a L ) (

b

sl t i u b pt a ni i f l o a r cp i . s ys y l m l ha r pc e yit l my n r ooa rne t o e cn de i o s ntm oon cni d en y Wa t i ) (

s n r u t e r g n i s a e r c n i f o w a L ) (

105. In short run the Law of variable proportions is also known as ……… ..............

e s o h w s t u p. nd i e ex i mf ot s p ee bk ts s i uy mi t t en r e a hu Tq ) (

[Nov. 2019]

. g n i g n a h c s i y g o l o n h c e t e h T ) (

0 6 2 , 0 8 1 , 0 1 1 , 0 5 ) (

a

[CA CPT June 2008]

CRACKER

Business Economics & Business and Commercial Knowledge AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO PAGE NO. BINDING TYPE

: : : : : : :

RITU GUPTA TAXMANN FEBRUARY 2022 5TH EDITION 9789391596675 356 PAPERBACK

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Description This book is prepared exclusively for the Foundation Level of Chartered Accountancy Examination requirement. It covers the entire revised, new syllabus as per ICAI. The Present Publication is the 5th Edition for CA-Foundation | New Syllabus | May/ Nov. 2022 Exams, authored by Dr. Ritu Gupta, with the following noteworthy features: u

[Complete Coverage] of the ICAI Study Material Questions

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[Chapters are Divided into Sub-Topics] for easy learning

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[Most Amended & Updated] Questions of Business and Commercial Knowledge have been updated as per the current scenario

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Coverage of this book includes: n

All Past Exam Questions

n

CA Foundation Solved Paper – November 2020 | Memory Based

n

CA Foundation Solved Paper – January 2021 | Memory Based

n

CA Foundation Solved Paper – July 2021 | Memory Based

n

CA Foundation Solved Paper – December 2021 | Memory Based

u

[Comparison with ICAI Study-Material] has been provided chapter-wise

u

[Marks Distribution] Chapter-wise marks distribution (new syllabus) from May 2018 onwards

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