Tag: natural resources- air, water and land

Quizzes (41) Questions (257)

Questions Related to natural resources- air, water and land

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

Which of the following will have a flat supply curve?

  1. Labour

  2. Capital

  3. Land

  4. Raw material
Reveal answer Fill a bubble to check yourself
C Correct answer
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.

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

Supply of land is ________.

  1. perfectly inelastic

  2. perfectly elastic

  3. highly elastic

  4. relatively elastic
Reveal answer Fill a bubble to check yourself
A Correct answer
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 .

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

Land in economics, means __________.

  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
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

In economics, land is defined broadly as all natural resources provided by nature that are used in the production of wealth. This includes surface land, minerals, and other natural gifts.

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

State the factor that is fixed in the short run.

  1. Land

  2. Raw material

  3. Electricity

  4. Labour
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

In the short run, land is considered a fixed factor because its total supply cannot be increased easily. Labor, raw materials, and electricity are variable factors that can be adjusted quickly.

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

India accounts for ________of world surface area.

  1. 4.2 per cent

  2. 2.4 per cent

  3. 5.4 per cent

  4. 3.2 per cent
Reveal answer Fill a bubble to check yourself
B Correct answer
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.

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

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

  1. Perfectly elastic

  2. More elastic

  3. Less elastic

  4. Perfectly inelastic
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

From the viewpoint of the entire economy, the total quantity of land is fixed, making its supply perfectly inelastic.