Tag: land

Questions Related to land

In a small scale rubber plant, factors of production like labour, material and capital are increased by 10% and output increases. It implies that the Firm is experiencing  ________.

economics laws of returns - returns to a factor and returns to scale production and costs production function producer behaviour and supply total product, average product and marginal product production and law of variable proportions production return to scale and cobb douglas function land land,labour, capital and entrepreneur how does production take place?

  1. Constant Returns to Scale

  2. Decreasing Returns to Scale

  3. Increasing Returns to Scale

  4. Increasing as well as decreasing

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Correct Option: C

A short-run production function is one which has ___________.

economics laws of returns - returns to a factor and returns to scale production and costs production function producer behaviour and supply total product, average product and marginal product production and law of variable proportions production return to scale and cobb douglas function land land,labour, capital and entrepreneur how does production take place?

  1. at least one fixed factor

  2. all fixed factors

  3. all variable factors

  4. at least one variable factor

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Correct Option: A
A firm can quit the industry in the short run.
economics laws of returns - returns to a factor and returns to scale production and costs production function producer behaviour and supply total product, average product and marginal product production and law of variable proportions production return to scale and cobb douglas function land land,labour, capital and entrepreneur how does production take place?

  1. True

  2. False

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Correct Option: B
Explanation:

Quitting is not possible in the short run because short run, by definition, is a period of time which is too short for the existing firms to quit the industry or for any new firms to enter the industry. Therefore, a firm can quit the industry only in the long run.

All primary occupations like agriculture, animal husbandry, poultry farming, fisheries, dairying, forestry, etc. are land oriented.

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

  1. True

  2. False

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Correct Option: A
Explanation:
The following occupations which are land oriented,that is, they occur due to the presence of land, are as follows:
Agriculture: the science or practice of farming, including cultivation of the soil for the growing of crops and the rearing of animals to provide food, wool, and other products.
Animal husbandry: the science of breeding and caring for farm animals
Fisheries: a place where fish are reared for commercial purposes.
Dairying: the business of producing, storing, and distributing milk and its products
Forestry: the science or practice of planting, managing, and caring for forests.

All sources of power, i.e. hydro-electricity, Wind energy, thermal power, diesel, , oil, etc. emanate from ____________.

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

  1. air

  2. water

  3. land

  4. all of the above

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Correct Option: D
Explanation:

Hydro electricity is derived from water, wind energy from air and the rest are derived from land.

Manufacturing industries get diverse type of ___________ from land.

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

  1. finished materials

  2. raw materials

  3. products

  4. artificial products

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Correct Option: B
Explanation:

Raw materials from could also include crude oild extracted from the sea beds. 

The land is a passive factor of production because it cannot produce anything on its own.

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

  1. True

  2. False

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Correct Option: A
Explanation:

Land is of no use without human efforts and other factors of production.Hence, the land is a passive factor of production.

In under-developed countries, _________ provide the basis of employment.

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

  1. primary activities

  2. secondary activities

  3. tertiary activities

  4. none of the above

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Correct Option: A
Explanation:

Primary sector of an economy deals with the production of raw materials and basic foods. Examples of primary sector are: agriculture, mining, forestry, etc. Under-developed countries mainly depends on primary activities for the employment opportunities.

The land is 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. basic

  2. secondary

  3. not so important

  4. tertiary

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Correct Option: A
Explanation:

The basic factors of production are Land, Labour, Capital and entrepreneur. 

Natural resources, emanating from land, play an important role in the economic development of a country.

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

  1. True

  2. False

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Correct Option: A
Explanation:

More the natural resource a country has ,more prosperous it becomes.As the per capita resource gets increased,production increases and hence the economy gets richer.