Tag: land,labour, capital and entrepreneur

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Questions Related to land,labour, capital and entrepreneur

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 one of the  ________ means of Production.

  1. Original

  2. Produced

  3. Derived

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

Land is considered an original factor of production because it is a gift of nature, not created by human effort. Other factors like capital are produced, while labor is human-derived.

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

Land refers to _______________.

  1. Soil and earth's surface

  2. Fertility of soil

  3. Natural resources

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

In economics, land is a broad term that encompasses all natural resources, including the soil, surface, minerals, and fertility. Therefore, it includes all the listed components.

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. A free gift of nature.

  2. Fixed in quantity

  3. Variable in terms of fertility and uses

  4. All of the above are correct.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Land is defined as a free gift of nature, its total supply is fixed, and its utility and fertility vary depending on location and use. All these are standard characteristics of land in economic theory.

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

Anything available above the earth's surface is called "Land". This statement is ___________________.

  1. True

  2. False

  3. Partially True

  4. None of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Land includes not only the surface but also resources above and below it, such as air, climate, and minerals. Calling it only what is 'above' the surface is incomplete, making the statement partially true.

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

Which one of the following is not a characteristic of land ________________.

  1. A Free gift of nature

  2. Its supply is fixed

  3. An active factor of production

  4. It has Different Uses
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Land is a passive factor of production because it requires human labor and capital to be productive. Labor is considered the active factor of production.

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 perfectly inelastic from the viewpoint of ____________________.

  1. The entire economy

  2. An Individual Firm

  3. Both (a) and (b)

  4. Neither (a) nor (b)
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

From the perspective of the entire economy, the total amount of land is fixed and cannot be increased, making its supply perfectly inelastic. An individual firm, however, can acquire more land by paying more.

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 has certain inherent properties, e.g. Fertility. These properties are ________________.

  1. Indestructible

  2. Original

  3. Both (a) and (b)

  4. Neither (a) nor (b)
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The inherent properties of land, such as fertility, are considered both original (not created by humans) and indestructible (they cannot be permanently removed, even if temporarily depleted).

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 lacks mobility in the ________ sense.

  1. Geographical

  2. Utility

  3. Both (a) and (b)

  4. Neither (a) nor (b)
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Land lacks geographical mobility because it cannot be moved from one location to another. It does, however, have mobility in terms of use (e.g., changing land from agricultural to residential).

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 relatively elastic from the viewpoint of ___________________.

  1. The entire economy

  2. An Individual Firm

  3. Both (a) and (b)

  4. Neither (a) nor (b)
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

For an individual firm, the supply of land is relatively elastic because the firm can attract more land by offering higher prices or rents, effectively pulling it away from other uses.

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 permanent. This means that Land ___________________.

  1. Remains before and after cultivation

  2. Cannot be destroyed or lost

  3. Cannot be used for production at all

  4. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The permanence of land refers to its physical existence; while its fertility or surface can be altered, the land itself cannot be destroyed or cease to exist.