Tag: natural resources- air, water and land

Questions Related to natural resources- air, water and land

Which of the following will have a flat supply curve?

economics how does production take place? natural resources- air, water and land land land,labour, capital and entrepreneur production mechanism

  1. Labour

  2. Capital

  3. Land

  4. Raw material

Show answer
Correct Option: C
Explanation:

Land has a flat supply curve because the quantity supplied of the land is fixed as land is natural resource. Land has a perfectly inelastic supply, that is, the supply of the land remains fixed irrespective of the increase or decrease in the demand of the land.

Supply of land is ________.

economics how does production take place? natural resources- air, water and land land land,labour, capital and entrepreneur production mechanism

  1. perfectly inelastic

  2. perfectly elastic

  3. highly elastic

  4. relatively elastic

Show answer
Correct Option: A
Explanation:

Supply of land is perfectly inelastic as change in demand of land does not lead to any change in supply of land as land is a free gift of nature and it's quantity is fixed.Supply curve of land is a straight vertical line .

The supply of land is _______.

economics how does production take place? natural resources- air, water and land land land,labour, capital and entrepreneur production mechanism

  1. unlimited

  2. increased

  3. decreased

  4. limited

Show answer
Correct Option: D
Explanation:

The supply of land is fixed as land is a free gift of nature,it can neither be increased,decreased nor it is unlimited.

Land in economics, means __________.

economics how does production take place? natural resources- air, water and land land land,labour, capital and entrepreneur production mechanism

  1. material and non-material goods on the surface of earth

  2. minerals under the surface of earth

  3. all natural resources available to man for producing wealth

  4. all of the above

Show answer
Correct Option: D

State the factor that is fixed in the short run.

economics how does production take place? natural resources- air, water and land land land,labour, capital and entrepreneur production mechanism
  1. Land

  2. Raw material

  3. Electricity 

  4. Labour

Show answer
Correct Option: A

India accounts for ________of world surface area.

economics how does production take place? natural resources- air, water and land land land,labour, capital and entrepreneur production mechanism

  1. 4.2 per cent

  2. 2.4 per cent

  3. 5.4 per cent

  4. 3.2 per cent

Show answer
Correct Option: B
Explanation:

India is the seventh largest country in the world on the basis of its land area. The share of India in percent terms is only 2.4 per cent of the total land surface of the world.

Land refers to -

economics how does production take place? natural resources- air, water and land land land,labour, capital and entrepreneur production mechanism

  1. All free gifts of nature.

  2. All man-made resources

  3. Both (a) and (b)

  4. Neither (a) nor (b)

Show answer
Correct Option: A

Reserves of Crude Oil is an example of  ________ , as a Factor of Production.

economics how does production take place? natural resources- air, water and land land land,labour, capital and entrepreneur production mechanism

  1. Land

  2. Labour

  3. Capital

  4. Entrepreneurial Skills

Show answer
Correct Option: A

Gold Mines is an example of  ________ , as a Factor of Production.

economics how does production take place? natural resources- air, water and land land land,labour, capital and entrepreneur production mechanism

  1. Land

  2. Labour

  3. Capital

  4. Entrepreneurial Skills

Show answer
Correct Option: A

As a Factor of Production, the Supply of Land is _____________ from the viewpoint of the entire economy.

economics how does production take place? natural resources- air, water and land land land,labour, capital and entrepreneur production mechanism

  1. Perfectly elastic

  2. More elastic

  3. Less elastic

  4. Perfectly inelastic

Show answer
Correct Option: D