Tag: economics

Quizzes (361) Questions (3598)

Questions Related to economics

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.

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

The functions of an Entrepreneur include ______________________.

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

The role of an entrepreneur is multifaceted, involving the initiation of ventures, coordination of resources, risk-taking, and continuous innovation.

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

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

  1. Analyst

  2. Fireball

  3. Healer

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