Tag: land,labour, capital and entrepreneur

Questions Related to land,labour, capital and entrepreneur

Rent theory of profit is associated with the name of ________.

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. Hawley

  2. Walker

  3. Schumpeter

  4. J.B. Clark

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Correct Option: B
Explanation:

The rent theory was developed by an American economist,Francis L Walker.
He states that profit is the rent of ability.
Entrepreneurs of superior ability earns profit just as superior land earns rent.

Risk theory of profit was advocated by ________.

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. Hawley

  2. J.B. Clark

  3. Marshall

  4. Schumpeter

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Correct Option: A
Explanation:

Risk theory was coined by FB Hawley who states that risk taking as the main function of an entrepreneur

An entrepreneur undertakes the ______ responsibility.

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. production

  2. supply of a production

  3. management

  4. organisations

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Correct Option: D
Explanation:

An entrepreneur undertakes the organization responsibility as he uses his skills and ideas to run the organization.

To simplify the regulatory framework the government introduced the 'ease of doing business' scheme wherein an MSME unit has to fill in a single one page self-declaration online form called ___________.

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. adhaar form

  2. MSME application form

  3. udyog aadhaar

  4. adhaar udyog

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Correct Option: C
Explanation:

Udyog Aadhar is a one-page registration form which constitutes a self-declaration format under which the Micro, Small, and Medium Enterprises(MSME)  will self-certify its existence, bank account details,  promoter/owner’s aadhaar details and other minimum information required.

Key characteristics of entrepreneurship are:

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. It promotes the managers to be more innovative and take more responsibility while demonstrating charismatic leadership qualities.

  2. Entrepreneurship projects are funded by large business organizations and agreed percentage of profits are remitted to the fund provider/head quarters of the business.

  3. Entrepreneurship will cultivate entrepreneurial skills/culture within the corporate culture where managers will be motivated to accept more risk.

  4. All of the above

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Correct Option: D
Explanation:

The key characteristics of entrepreneurship are

  • It brings innovation, responsibility, and leadership qualities in the manager which leads to better vision of the organisation.
  • Entrepreneurship projects are funded by various investors which includes both public and private investors.
  • Entrepreneurship projects are made with special entrepreneurship skills which demands risk taking and decision making. 

 ________ is the person who combines the various factors of production in the right proportions, initiates the process of production and bears the risk involved in it.

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. Capitalist

  2. Socialist

  3. Government

  4. Entrepreneur

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Correct Option: D

Entrepreneurship is a wider term than organization and management of a business. This statement is -

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. True

  2. False

  3. Partially True

  4. None of the above

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Correct Option: A

Entrepreneurship gets its reward (i.e. Profit), only after all other factors of production have been rewarded. This statement is ___________.

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. True

  2. False

  3. Partially True

  4. None of the above

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Correct Option: A

Entrepreneur is also called as _______________.

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. Organiser

  2. Manager

  3. Risk-Taker

  4. All of the above

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Correct Option: D

Entrepreneur ___________________.

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. Is the catalyst in the process of using the factors of production.

  2. Gives direction to the usage of other factors of production

  3. Both (a) and (b)

  4. Neither (a) nor (b)

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Correct Option: C