Definition of Production - SS1 Economics Past Questions & Answers - page 1

1

What does production mean?

A

Creation or manufacturing of goods and services

 

B

Marketing of goods and services

C

Delivery of goods and services

D

None of the above

CORRECT OPTION: a
2

Which of the following is an input to production?

A

Finished goods

 

B

Sales revenue

C

Raw materials

D

All of the above

CORRECT OPTION: c
3

What is the ultimate goal of production?

A

Maximizing profits

 

B

Meeting customer needs

C

Increasing market share

D

All of the above

CORRECT OPTION: b
4

Which of the following is an example of a service?

A

Car

 

B

Book

C

Restaurant meal

D

None of the above

CORRECT OPTION: c
5

What is the term used to describe the process of transforming inputs into finished products or services?

A

 Distribution

 

B

Marketing

C

Production

D

Sales

CORRECT OPTION: c
6

Define production in simple terms.

Production refers to the creation or manufacturing of goods and services using various inputs such as raw materials, labour, and capital.

 

7

What are the inputs required for production?

 

Inputs required for production include raw materials, labor, and capital.

Pages: