Tag: how does production take place?

Questions Related to how does production take place?

Which of these is/are not characteristic of land as 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. Mobility

  2. Limited supply

  3. Heterogeneity

  4. Passive

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Correct Option: A
Explanation:

Land is a natural resource and does not possess any mobility ,that is ,it cannot be moved from one place to another.

Which of the following factor of production is free gift of nature?

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

  1. Entrepreneurship

  2. Capital

  3. Labour

  4. Land

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Correct Option: D
Explanation:

Among the 4 factors of production, land is a free gift of nature to human beings, its quantity supplied is unlimited and fixed.

Which of the following is true regarding "land" as 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. Land is a perfectly immobile factor.

  2. Land is a passive factor.

  3. Economic reward for land is rent.

  4. All of the above

Show answer
Correct Option: D
Explanation:
1) Land is a free gift of nature ,it cannot be moved from one place to another, thus,it does not possess any mobility
2) Land is a passive factor of production as it depends on other factors of production for the production process to begin.
3)Rent is the cost of land as a factor of production.

Which of the following statements is correct?

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

  1. Supply of land can be increased.

  2. Land does not yield any result unless human efforts are employed.

  3. Fertility of land cannot change.

  4. Supply of land is perfectly elastic.

Show answer
Correct Option: B
Explanation:

Land is a passive factor of production,and hence it is dependent on other factors of production like,labour.(human efforts )

In economics, land includes natural resources -
(I) On the surface like soil, agricultural land
(II) Below the surface like mineral resources, rocks, ground water
(III) Above the surface like climate, rain, space, monitoring.
Select the correct answer from the options given below:-

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

  1. (I)

  2. (II) and (III)

  3. (II)

  4. All (I) to (III)

Show answer
Correct Option: D
Explanation:

Land includes all those natural resources which help in the production process to increase the productivity of an economy.

Which of the following is not true regarding "land" as 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. Land is primary factor of production.

  2. Land is a man-made factor.

  3. The supply of land is fixed.

  4. Land is a free gift of nature to mankind.

Show answer
Correct Option: B
Explanation:

Land is a free gift of nature to human beings,thus it is not a man-made factor.

Which of the following is not a characteristic of land?

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

  1. It is produced by our forefathers.

  2. Its usefulness depends on human efforts.

  3. It is immobile.

  4. Its supply for the economy is limited.

Show answer
Correct Option: A
Explanation:

Land is not produced by any human, it is a free gift of nature and its quantity supplied is fixed.

Which of the following is not a characteristic of land?

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

  1. It is produced by our forefathers

  2. Its usefulness depends on human efforts.

  3. It is immobile.

  4. Its supply for the economy is limited.

Show answer
Correct Option: A
Explanation:

Land is not produced by our forefathers.It is a free gift of nature to mankind and thus the quantity supplied of land is fixed form the history of evolution.

Which of the following is not true regarding 'land' as 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. Land is primary factor of production.

  2. Land is a man-made factor.

  3. The supply of land is fixed.

  4. Land is a free gift of nature to mankind.

Show answer
Correct Option: B
Explanation:

Land is a natural resource .It is considered as a free gift of nature to mankind,thus its quantity supplied is fixed.Hence,labour is a man-made factor.

Which of the following is true regarding 'land' as 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. Land is perfectly immobile factor.

  2. Land is a passive factor.

  3. Economic reward is rent.

  4. All of above

Show answer
Correct Option: D
Explanation:
1)Land is perfectly immobile factor as it is a natural resource and its quantity supplied is fixed and thus it does not possess any kind of mobility.
2)Land is a passive factor of production as it depends on other factors of production like,labour.
3)Rent is known as the cost of rent.For instance, a person needs to pay some cost in the form of rent to utilize the land for the production purpose.