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MCQs

Total Questions : 60 | Page 5 of 6 pages
Question 41. ________ are the factors or resources which make it possible to produce goods and services.
  1.    Land, Labour, and Bank
  2.    Capital, Owner and manpower
  3.    Land, Labour and Entrepreneurial ability
  4.    Land, Labour, Capital and Entre preneurial ability
 Discuss Question
Answer: Option D. -> Land, Labour, Capital and Entre preneurial ability


Question 42. Which of the following factors of production is a free gift of nature and refers to Natural resources?
  1.    Land
  2.    Labour
  3.    Capital
  4.    Entrepreneurial Ability
 Discuss Question
Answer: Option A. -> Land


Question 43. Which of the following is not a characteristic of land?
  1.    Its supply for the economy is limited.
  2.    It is immobile.
  3.    Its usefulness depends on human efforts.
  4.    It is produced by our forefathers.
 Discuss Question
Answer: Option D. -> It is produced by our forefathers.


Question 44. Which of the following is not a characteristics of Land?
  1.    It is a free gift of nature
  2.    It is a mobile factor of production
  3.    It is limited in quantity
  4.    Its productive power is indestruc-tible
 Discuss Question
Answer: Option B. -> It is a mobile factor of production


Question 45. Which among the following is not a characteristic of land?
  1.    It is an active factor
  2.    It has variety of uses
  3.    Its production powers are inde-structible
  4.    Its supply is limited
 Discuss Question
Answer: Option A. -> It is an active factor


Question 46. Which of the following statement about factors of production is not true?
  1.    Land is a passive factor
  2.    Land is a free gift of nature
  3.    Land is immobile
  4.    Land is perishable
 Discuss Question
Answer: Option D. -> Land is perishable


Question 47. No two pieces of land and alike. They differ in fertility and situation. Therefore, Land is ________.
  1.    Homogenous
  2.    Heterogeneous
  3.    Bitrogeneous
  4.    None of these.
 Discuss Question
Answer: Option B. -> Heterogeneous


Question 48. _______ Capital performs its function is production in a single use and is not available for future use.
  1.    Circulating
  2.    Fixed
  3.    Tangible
  4.    Human
 Discuss Question
Answer: Option A. -> Circulating


Question 49. ________ mobilizes factors of production, combines them in the right proportion, initiates the process of production and bears the risks in¬volved in it.
  1.    Businessman
  2.    Manager
  3.    CEO
  4.    Entrepreneur
 Discuss Question
Answer: Option D. -> Entrepreneur


Question 50. Which of the following is the best definition of “production function”?
  1.    The relationship between market price and quantity supplied.
  2.    The relationship between the firm’s total revenue and the cost of production.
  3.    The relationship between the quantities of inputs needed to produce a given level of output.
  4.    The relationship between the quantity of inputs and the firm’s marginal cost of production.
 Discuss Question
Answer: Option C. -> The relationship between the quantities of inputs needed to produce a given level of output.


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