Tag: land

Quizzes (5) Questions (182)

Questions Related to land

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.

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, Land is _______________.

  1. Permanent

  2. Original and indestructible

  3. A free gift of nature

  4. All of the above are correct.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Land is considered permanent, original (not created by man), and a free gift of nature, making all the provided options correct.

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, "Land" is one of the  ________ means of Production.

  1. Original

  2. Produced

  3. Derived

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

Land is considered an original factor of production because it is a gift of nature, not created by human effort. Other factors like capital are produced, while labor is human-derived.

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

Land refers to _______________.

  1. Soil and earth's surface

  2. Fertility of soil

  3. Natural resources

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

In economics, land is a broad term that encompasses all natural resources, including the soil, surface, minerals, and fertility. Therefore, it includes all the listed components.

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, Land is ________________.

  1. A free gift of nature.

  2. Fixed in quantity

  3. Variable in terms of fertility and uses

  4. All of the above are correct.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Land is defined as a free gift of nature, its total supply is fixed, and its utility and fertility vary depending on location and use. All these are standard characteristics of land in economic theory.