Tag: how does production take place?

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Questions Related to how does production take place?

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

Land in economics, means __________.

  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
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

In economics, land is defined broadly as all natural resources provided by nature that are used in the production of wealth. This includes surface land, minerals, and other natural gifts.

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

State the factor that is fixed in the short run.

  1. Land

  2. Raw material

  3. Electricity

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

In the short run, land is considered a fixed factor because its total supply cannot be increased easily. Labor, raw materials, and electricity are variable factors that can be adjusted quickly.

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

India accounts for ________of world surface area.

  1. 4.2 per cent

  2. 2.4 per cent

  3. 5.4 per cent

  4. 3.2 per cent
Reveal answer Fill a bubble to check yourself
B Correct answer
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.

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.