Tag: economics

Questions Related to economics

Bigha and Guntha are _____.

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

  1. types of soil

  2. types of seeds

  3. types of rabi crop

  4. local units of measuring farmland area

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Correct Option: D
Explanation:

Bigha and Guintha are two local units of measuring land area in village.

Which state was among the first to try out modern farming methods in India?

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

  1. Jharkhand

  2. Haryana

  3. Bihar

  4. Orissa

Show answer
Correct Option: B
Explanation:

Haryana state was the first to try out modern farming methods in India.

Which of the following is a fixed capital?

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

  1. Clay

  2. Yarn

  3. Tools

  4. Seeds

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Correct Option: C
Explanation:

Fixed capital includes the assets that are needed to start up and conduct business. These assets are considered fixed as they are not consumed or destroyed during the actual production of a good or service but have a reusable value. 

Which input is not a working capital?

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

  1. Machines

  2. Raw-materials

  3. Money

  4. Shares

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Correct Option: A
Explanation:

Working capital is the daily expenses which a business bears. Machines are fixed capital. 

Which of the following is an example of working capital?

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

  1. Tools

  2. Machines

  3. Raw materials

  4. Buildings

Show answer
Correct Option: C
Explanation:

Working capital is the daily expenses which a business bears

Multiple cropping refers to ______.

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

  1. cultivation of wheat and rice

  2. cultivation of two crops in alternate rows

  3. cultivating more than one crop on the same field each year

  4. cultivating crops and rearing animals on the same farm

Show answer
Correct Option: C
Explanation:

In agriculture, multiple cropping is the practice of growing two or more crops in the same piece of land during a single growing season. It is a form of polyculture. 

Increased use of ________ and __________ on a particular plot of land leads to an increase in crop production at a diminishing rate.

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

  1. capital and labour

  2. capital and entrepreneurship

  3. entrepreneurship and land

  4. none of the above

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Correct Option: A
Explanation:

The above is true because land depletes in resources over time and takes time to replenish itself. 

Products like food grains, minerals, metals, timber, leather, hides and skins, wool, tea, jute, petroleum, milk, butter, etc. are tradable products of _________.

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

  1. land

  2. air

  3. water

  4. space

Show answer
Correct Option: A
Explanation:

Products of land includes anything that is obtained or created by the land. 

Land is used for alternative purposes, like ___________.

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

  1. cultivation

  2. dairy or poultry farms

  3. industrial plants and factories

  4. all of the above

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Correct Option: D
Explanation:

Land is used for various purposes in the production process such as cultivation of land is undertaken to generate agricultural produce, setting up of dairy or poultry farms, sheep rearing, industrial plants and factories, etc.

The land includes __________.

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

  1. the surface of the earth like plains, plateaus, mountains, sea, rivers, ponds, etc.

  2. air, light, oil, coal, natural gas, etc.

  3. silver, gold, and other metals and minerals

  4. all of the above

Show answer
Correct Option: D
Explanation:

As Marshall said, "By land is meant not merely land in the strict sense of the world, but whole of the materials and forces which nature gives freely for man's aid in land and water, in air, light and heat". Hence, all of the above.