Tag: economics

Questions Related to economics

Jowar and Bajra are _______.

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

  1. Kharif crops

  2. Rabi crops

  3. Zaid crops

  4. All of these

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Correct Option: A
Explanation:

The kharif crops include rice, maize, sorghum, pearl millet/bajra, finger millet/ragi (cereals), arhar (pulses), soyabean, groundnut (oilseeds), cotton etc. 

In Economics, the term "land" includes all that which is available free of cost from 'nature' as a gift to human beings.

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

  1. True

  2. False

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Correct Option: A
Explanation:

The above statement is true as land is a free gift of nature.Its supply is fixed and limited in area.

The term "land" refers to _________.

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

  1. the surface of the earth

  2. the surface of the water

  3. the layer of the air

  4. all of the above

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Correct Option: D
Explanation:

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"

In the initial stages, the man paid no price for the land acquired by him.

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

  1. True

  2. False

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Correct Option: A
Explanation:

TRUE,as land is a free gift of nature to human beings so that humans can utilize land for the production process.Hence the man did not pay any price for the acquired land .At that time concept of private property was also not there.

Supply of land is not fixed in quantity.

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

  1. True

  2. False

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Correct Option: B

All lands are equally fertile.

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

  1. True

  2. False

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Correct Option: B
Explanation:

Fertility of land depends upon various factors but mainly on the climatic conditions,rainfall etc.Hence the fertility of land varies from places to places.

The degree of richness of mineral wealth varies from place to place.

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

  1. True

  2. False

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Correct Option: A
Explanation:

Minerals are formed from the decomposition of soil.The decomposition of soil occurs due to climatic conditions of that particular area.Hence the richness of mineral wealth varies from place to place.

An entrepreneur is a person who starts an entreprise. He searches for change and responds to it.

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

  1. True

  2. False

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Correct Option: A

The entrepreneur conceives the idea of a particular business which suits his nature, skill, and resources.

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

  1. True

  2. False

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Correct Option: A
Explanation:

 An entrepreneur uses his skills ,ideas and knowledge to run an organization and hence he conceives a business to transform his dream into reality.

An entrepreneur is a creator of wealth.

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

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

An entrepreneur uses his skills and knowledge to make the production mechanism of a firm more efficient ,which is turn leads to the creation of profit/wealth.