Tag: land

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Questions Related to land

Multiple choice 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?

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  ________.

  1. Constant Returns to Scale

  2. Decreasing Returns to Scale

  3. Increasing Returns to Scale

  4. Increasing as well as decreasing
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

When inputs are increased by a certain percentage and output increases by a greater percentage, the firm is experiencing increasing returns to scale. In this case, a 10% increase in inputs leads to a more than 10% increase in output.

Multiple choice 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?

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

  1. at least one fixed factor

  2. all fixed factors

  3. all variable factors

  4. at least one variable factor
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A short-run production function is defined by the existence of at least one fixed factor of production, which limits the firm's ability to adjust all inputs simultaneously.

Multiple choice 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?
A firm can quit the industry in the short run.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
B Correct answer
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.

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

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

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
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.
Multiple choice economics how does production take place? natural resources- air, water and land land land,labour, capital and entrepreneur production mechanism

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

  1. primary activities

  2. secondary activities

  3. tertiary activities

  4. none of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
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.

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

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

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
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.