Question : The production function shows the relationship between:
Option 1: Price and quantity demanded
Option 2: Price and quantity supplied
Option 3: Input and output
Option 4: Expenditure and income
Correct Answer: Input and output
Solution : The correct answer is (c) Input and output.
The production function shows the relationship between inputs (such as labor, capital, raw materials) and output (goods or services) in the production process. It represents how various combinations of inputs result in the production of a certain level of output.
The production function typically takes the form of a mathematical equation or a graphical representation that illustrates how the quantity of inputs affects the quantity of output produced. It helps to explain how factors of production are transformed into finished goods or services.
Question : Production function explains the relationship between:
Option 1: initial inputs and ultimate output
Option 2: input and ultimate consumption
Option 3: output and consumption
Option 4: output and exports
Question : Which management function involves guiding and motivating employees to achieve organizational goals?
Option 1: Planning
Option 2: Organizing
Option 3: Controlling
Option 4: Directing
Question : The directing function of management is closely related to:
Option 4: Decision-making
Question : Which management function involves determining organizational goals and the means to achieve them?
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