Tag: land,labour, capital and entrepreneur

Questions Related to land,labour, capital and entrepreneur

Don't press the panic button. Despite the crisis in Japan's plants, India must not take nuclear power off the table.
In view of recent nuclear blasts due to Tsunami in Japan, countries are:
introduction to natural resources natural resources- air, water and land land air chemistry land,labour, capital and entrepreneur how does production take place?

  1. going to stop nuclear-energy plan

  2. devising methods to avoid this type of disaster

  3. stressing thermal energy plan

  4. stressing hydro-electric power

Show answer
Correct Option: B
Explanation:

To avoid nuclear blasts due to Tsunami in Japan counteries are devising methods to avoid this types of disasters.

The soil is formed by the breaking down of rocks by the action of _____.

introduction to natural resources natural resources- air, water and land land air chemistry land,labour, capital and entrepreneur how does production take place?

  1. wind

  2. water

  3. climate

  4. all of these

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Correct Option: D
Explanation:

The soil is formed by breaking down of rocks by an action of wind, water and climates like thawing of water that seeped through rock and climatic changes such as weathering of rocks, landslides also causes breaking of big rocks. This is how soil is formed by all these natural processes.

In the long run production function all inputs are fixed.

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

In the long run there is enough time for the firm to cover its losses and earn normal profits. This is because in the long run, all inputs are __________.

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. identical

  2. homogenous

  3. variable

  4. fixed

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Correct Option: C

The period of time in which the plant capacity can be varied is known as __________.

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. the short period

  2. the market period

  3. the long period

  4. all of the above.

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Correct Option: C

In the case of very short period ______ is variable.

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. land

  2. capital

  3. labour

  4. none of the above

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Correct Option: D

In short run when the level of production increases, average fixed cost will____.

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. remain same

  2. decrease

  3. increase

  4. all the three possible depending upon the merit of case

Show answer
Correct Option: B
Explanation:
The AFC curve is asymptotic to to both the x and y axis as the fixed cost can never be 0 since fixed cost is positive. It slopes downwards throughout its length from left to right showing continuous fall in average fixed cost with an increase in output. 

In the long 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. all inputs are fixed

  2. all inputs are variable

  3. some inputs are fixed and rest are variable

  4. a few are variable and rest are fixed

Show answer
Correct Option: B
Explanation:

In the long run all inputs are variable as there is enough time for all factors to adjust according to the requirements for achieving least cost output. 

____ refers to that period in which supply of a commodity can be increased or decreased depending upon changed condition of demand. 

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. Very short period

  2. Short period

  3. Long period

  4. Very long period

Show answer
Correct Option: C

Which of these statement is more appropriate for Fixed costs ____________?

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. Fixed cost is fixed only in short run

  2. It is fixed in long run also

  3. It varies with the change in level of output

  4. It is strictly avoidable in short run also

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Correct Option: A