Factors of Production- Indian Economy
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Question 1 |
Who is father of economics?
Adam Smith |
Question 2 |
Who said that `Economics is science of Wealth`?
Adam Smith |
Question 3 |
What determines national income?
The level of production of goods and services in the country determines the quantum of national income. |
Question 4 |
What is utility?
The satisfying power of wants is called as utility. |
Question 5 |
What are called as factor of productions?
Land, Labour, Capital and Organization. |
Question 6 |
What is the factor reward given for land?
Rent |
Question 7 |
Factor of Production Factor of Reward
• Land Rent
• Labour Wages
• Capital Interest
• Organization Profit
|
Question 8 |
What is labour?
Labour refers to any work undertaken for securing income an income or reward. Such work can be done both physically and mentally. The work done by a cook is physical in nature and a work done by a teacher is mental in nature. The reward given for their work is called as wages. |
Question 9 |
What are the characteristics of labour?
Labour is perishable in nature, Labour is inseparable, Labor power differs from person to person, Labour is mobile and Individual labour has week bargaining power. |
Question 10 |
What was the example taken by Adam Smith for Division of Labour?
Making of pin. |
Question 11 |
What are the forms of capita?
Physical capital, money capital and human capital. |
Question 12 |
Who are called as entrepreneurs or organizer?
An organizer or entrepreneurs are the one who combines the different factors of production in the right proportion and imitates the process of production and bears the risk of uncertainties involved in it. |
Question 13 |
What is chain of production?
The movement of goods and services through the primary, secondary and tertiary sectors is referred as chain of production. |
Question 14 |
Which is India`s important occupation?
Agriculture |
Question 15 |
Which sector does Ship building occupies?
Secondary Sector |
Question 16 |
What is the percentage of people in USA working under tertiary sector?
80% | |
70% | |
90% | |
50% |
Question 17 |
Which sector is called as service industry?
Tertiary Sector |
Question 18 |
How can we classify human`s business?
It is classified into three sectors such as primary, secondary and tertiary. |
Question 19 |
Economics is a .................. science.
Social | |
Political | |
Moral |
Question 20 |
There are .................... factors of production.
Two | |
Four | |
Five |
Question 21 |
Labour cannot be separated from .......................
Labourer | |
Profit | |
Capital |
Question 22 |
In general Capital means ......................
Buildings | |
Machinery | |
Money |
Question 23 |
An organizer will always make ......................
Innovations | |
Traditions | |
Risks |
Question 24 |
The reward paid to capital is ........................
Rent | |
Wages | |
Interest |
Question 25 |
The reward paid to labour as a factor of production is ..................
Rent | |
wages | |
Profit |
Question 26 |
Investment in education is called ..................... capital.
Physical | |
Human | |
Money |
Question 27 |
. In United States more than ................. of labour force is tertiary workers.
60% | |
40% | |
80% |
Question 28 |
Agriculture is classified under ................. sector.
Primary | |
Secondary | |
Tertiary |
Question 29 |
The Father of Economics is .................
Adam Smith | |
Robbins | |
Rousseau |
Question 30 |
The National Incomes of advanced countries are at .........................
high level | |
medium level | |
low level |
Question 31 |
All the free gifts of nature are termed as ...................
land | |
labour | |
capital |
Question 32 |
man can change only the ..................... of land.
size | |
uses | |
nature |
Question 33 |
Any work undertaken only for ..................... is not regarded as labour.
income | |
reward | |
pleasure |
Question 34 |
Labour involves ...................... elements.
human | |
financial | |
climate |
Question 35 |
Labour is .....................
Perishable | |
Non perishable | |
Ever lasting |
Question 36 |
Labour is ......................
Mobile | |
Immobile | |
Stagnant |
Question 37 |
Efficient labour ....................... production.
increases | |
decreases | |
affects |
Question 38 |
Wealth of Nations was written by ...................
Adam Smith | |
John Smith | |
Robbins |
Question 39 |
All capital is .......................
Wealth | |
Land | |
Income |
Question 40 |
The reward paid to capital is .........................
Interest | |
Profit | |
Rent |
Question 41 |
Investment in ....................... is called human capital.
Education | |
Buildings | |
Monetary instruments |
Question 42 |
Capital is productive because it yields an ...................
Interest | |
Income | |
Investment |
Question 43 |
Capital is ....................
Immobile | |
Highly mobile | |
Less mobile |
Question 44 |
Most products from the primary sector are ....................
Finished products | |
Raw materials | |
Natural resources |
Question 45 |
The sector increasingly becoming important is .................
primary sector | |
secondary sector | |
tertiary sectors |
Question 46 |
Match the following.
- Adam Smith (a) Higher National Income
- Advanced Countries (b) Original Factors
- Utility (c) Derived Factors
- Land and Labour (d) Father of Economics
- Capital and Organisation (e) Satisfying power
5 4 2 1 3 | |
2 4 5 1 3 | |
3 1 5 2 4 | |
1 4 2 3 5 |
Question 47 |
Match the following
- Land (a) Right man for the right job
- Labour (b) Human Capital
- Division of Labour (c) Fixed in supply
- Healthcare (d) Man made
- Capital (e) Inseparable
5 4 2 1 3 | |
2 4 5 1 3 | |
3 4 1 5 2 | |
1 4 2 3 5 |
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