Tag: land,labour, capital and entrepreneur

Questions Related to land,labour, capital and entrepreneur

The reward/ incentive/remuneration for entrepreneurship is a ________  amount.

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

  1. Fixed

  2. Variable

  3. Semi-Variable

  4. Irrelevant

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Correct Option: B

The most important function of an entrepreneur is to ____________.

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

  1. innovate

  2. bear the sense of responsibility

  3. finance

  4. earn Profit

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Correct Option: B
Explanation:

'Bear the sense of responsibility' reflects 'risk bearing' capacity and it is most important function of an entrepreneur.

Entrepreneur holds the final responsibility of the 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

Innovation theory of entrepreneur is propounded by ____________.

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

  1. Prof knight

  2. Schumpeter

  3. Max weber

  4. Peter Ducker

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Correct Option: B

The functions of an Entrepreneur include ______________________.

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

  1. Initiating a business enterprise and resource coordination

  2. Risk-bearing or uncertainty-bearing

  3. Introducing Innovations on a continuous basis

  4. All of the above

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Correct Option: D

Which types of entrepreneur excel at problem solving in a systematic way ?

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

  1. Analyst

  2. Fireball

  3. Healer

  4. Visionary

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Correct Option: A
Explanation:

The functions of an entrepreneur are risk bearing, organising and innovation. An analyst is hired to solve the problem occurring in the procedure. An analyst is supposed to analyse a given data, identify the problem with it and then find out the solution of it with the help of programming or coding. They are master into several programming languages e.g. C, Java etc, statistical software e.g. R-programming, SAS, SPSS etc.. and other software like Excel. They generally are expert in theoretical and statistical modelling which help them to solve the problem in a systematic way.

All primary occupations like agriculture, animal husbandry, poultry farming, fisheries, dairying, forestry, etc. are land oriented.

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

  1. True

  2. False

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Correct Option: A
Explanation:
The following occupations which are land oriented,that is, they occur due to the presence of land, are as follows:
Agriculture: the science or practice of farming, including cultivation of the soil for the growing of crops and the rearing of animals to provide food, wool, and other products.
Animal husbandry: the science of breeding and caring for farm animals
Fisheries: a place where fish are reared for commercial purposes.
Dairying: the business of producing, storing, and distributing milk and its products
Forestry: the science or practice of planting, managing, and caring for forests.

All sources of power, i.e. hydro-electricity, Wind energy, thermal power, diesel, , oil, etc. emanate from ____________.

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

  1. air

  2. water

  3. land

  4. all of the above

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Correct Option: D
Explanation:

Hydro electricity is derived from water, wind energy from air and the rest are derived from land.

Manufacturing industries get diverse type of ___________ from land.

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

  1. finished materials

  2. raw materials

  3. products

  4. artificial products

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Correct Option: B
Explanation:

Raw materials from could also include crude oild extracted from the sea beds. 

The land is a passive factor of production because it cannot produce anything on its own.

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

  1. True

  2. False

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Correct Option: A
Explanation:

Land is of no use without human efforts and other factors of production.Hence, the land is a passive factor of production.