Definition of Production - SS1 Economics Past Questions and Answers - page 1
1
What does production mean?
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A
Creation or manufacturing of goods and services
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B
Marketing of goods and services
C
Delivery of goods and services
D
None of the above
2
Which of the following is an input to production?
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A
Finished goods
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B
Sales revenue
C
Raw materials
D
All of the above
3
What is the ultimate goal of production?
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A
Maximizing profits
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B
Meeting customer needs
C
Increasing market share
D
All of the above
4
Which of the following is an example of a service?
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A
Car
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B
Book
C
Restaurant meal
D
None of the above
5
What is the term used to describe the process of transforming inputs into finished products or services?
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A
 Distribution
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B
Marketing
C
Production
D
Sales
7
What are the inputs required for production?
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