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? entrepreneur land,labour, capital and entrepreneur production mechanism

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

  1. Hawley

  2. Walker

  3. Schumpeter

  4. J.B. Clark
Reveal answer Fill a bubble to check yourself
B Correct answer
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.

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

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 ___________.

  1. adhaar form

  2. MSME application form

  3. udyog aadhaar

  4. adhaar udyog
Reveal answer Fill a bubble to check yourself
C Correct answer
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.

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

Key characteristics of entrepreneurship are:

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

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

 ________ 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.

  1. Capitalist

  2. Socialist

  3. Government

  4. Entrepreneur
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

An entrepreneur is defined as an individual who organizes, manages, and assumes the risks of a business or enterprise.

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

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

  1. True

  2. False

  3. Partially True

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

Entrepreneurship involves identifying opportunities, taking risks, and innovating, which encompasses more than just the routine administrative tasks of organization and management.

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

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

  1. True

  2. False

  3. Partially True

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

In economic theory, profit is the residual income remaining after all other factors of production (land, labor, capital) have been compensated.

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

Entrepreneur ___________________.

  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)
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Entrepreneurs act as catalysts by identifying opportunities and provide direction by allocating resources to specific production processes.