Tag: how does production take place?

Questions Related to how does production take place?

Land in economics, means __________.

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

  1. material and non-material goods on the surface of earth

  2. minerals under the surface of earth

  3. all natural resources available to man for producing wealth

  4. all of the above

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Correct Option: D

State the factor that is fixed in the short run.

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

  2. Raw material

  3. Electricity 

  4. Labour

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Correct Option: A

India accounts for ________of world surface area.

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

  1. 4.2 per cent

  2. 2.4 per cent

  3. 5.4 per cent

  4. 3.2 per cent

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Correct Option: B
Explanation:

India is the seventh largest country in the world on the basis of its land area. The share of India in percent terms is only 2.4 per cent of the total land surface of the world.

Land refers to -

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

  1. All free gifts of nature.

  2. All man-made resources

  3. Both (a) and (b)

  4. Neither (a) nor (b)

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Correct Option: A

Reserves of Crude Oil is an example of  ________ , 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

  2. Labour

  3. Capital

  4. Entrepreneurial Skills

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Correct Option: A

Gold Mines is an example of  ________ , 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

  2. Labour

  3. Capital

  4. Entrepreneurial Skills

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Correct Option: A

As a Factor of Production, the Supply of Land is _____________ from the viewpoint of the entire economy.

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

  1. Perfectly elastic

  2. More elastic

  3. Less elastic

  4. Perfectly inelastic

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Correct Option: D

Which of these is included in "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. Fertility of Soil

  2. Water

  3. Air

  4. All of the above

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Correct Option: D

As a Factor of Production, Land is _______________.

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

  1. Permanent

  2. Original and indestructible

  3. A free gift of nature

  4. All of the above are correct.

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Correct Option: D

As a Factor of Production, Land is ___________________.

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

  1. Fixed in quantity

  2. Variable in quantity

  3. Not quantifiable at all

  4. Not useful for production.

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Correct Option: A