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

For better agricultural productivity, the location of land near __________ is desirable.

  1. mineral resources

  2. power resources

  3. water resources

  4. animal resources
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Water resources close to farm lands is essential for better productivity due to better irrigation. This s especially important in under developed and developing countries as they lack infrastructure to for proper irrigation facilities. 

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

The competence and ability of a __________ directly affects the productivity of land.

  1. fisherman

  2. milkman

  3. farmer

  4. lawyer
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The skills and the competence of the farmers is proved to directly increase the productivity of the land under cultivation. This is because a skilled and competent labour force is necessary to optimally use the inputs from land to maximise output.

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

Surplus earned by a factor land in a short period of time referred to as ________.

  1. economic rent

  2. net rent

  3. quasi-rent

  4. super-normal rent
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Quasi-rent refers to the excess amount earned from the utilization of land for the production mechanism during short period of time.

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

Seawater, fresh air, etc are regarded in Economics as _________.

  1. giffen goods

  2. inferior goods

  3. free goods

  4. normal goods
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
Sea water,fresh air,etc are regarded as free goods in economics as these are natural resources and hence these are the free gifts of nature.These resources also possess unlimited availability.

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

Rent paid by a residential tenant to the owner is a part of ________.

  1. capital formation

  2. final consumption

  3. intermediate consumption

  4. consumer durable
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

It is a final consumption as over here the residential tenant is the final consumer. Moreover, paying rent to the owner does not involve any  intermediate consumption.

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

The cost of land as a factor of production is _________.

  1. rent

  2. interest

  3. dividend

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

The cost of land as factor of production is known as rent.For instance, when a person utilize a piece of land for any production purpose,certain cost in the form of rent is to be paid.