(A) Substitution effect
(B) Income effect
(C) Output effect
(D) Profit effect
Author:
Labour is defined as:
(A) Mental exertion to create or produce goods and services
(B) Physical exertion to create or produce goods and services
(C) Both mental and physical exertion to create and produce
goods and services
(D) None of the above
Supply of land is:
(A) Variable
(B) Elastic
(C) Inelastic
(D) Perfectly inelastic
Land is a __ factor of production.
(A) Derived
(B) Primary
(C) Active
(D) Secondary
Factors of production can be:
(A) Land
(B) Labour
(C) Organisation
(D) All of the above
Goods and services which help in the production process are called:
(A) Factors of production
(B) Raw materials
(C) Active inputs
(D) Both raw materials and factors of production
Production process determines:
(A) Standard of living of people
(B) Welfare of the society
(C) Prosperity of a nation
(D) All of the above
Extraction from earth and transportation are examples of:
(A) Form utility
(B) Time utility
(C) Place utility
(D) All of the above