Production, Goods, and Inputs CDS Questions

CDS Economy

Production, Goods, and Inputs MCQ Questions


7.
Which factor of production is both man-made and a 'produced means of production'?
A.
Land
B.
Labour
C.
Capital
D.
Entrepreneurship
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ANSWER :
C. Capital
8.
Who combines all the other factors of production and bears the risk of business?
A.
Labourer
B.
Landlord
C.
Entrepreneur
D.
Banker
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ANSWER :
C. Entrepreneur
9.
The 'supply of land' from the economy's point of view is generally considered:
A.
Perfectly elastic
B.
Highly elastic
C.
Unitary elastic
D.
Fixed / perfectly inelastic
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ANSWER :
D. Fixed / perfectly inelastic
10.
Which of the following is a characteristic feature of LAND as a factor of production?
A.
It is man-made
B.
It can be stored easily
C.
It always earns wages
D.
It is a free gift of nature with fixed supply
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ANSWER :
D. It is a free gift of nature with fixed supply
11.
Labour differs from other factors because:
A.
It can be stored for future use
B.
It earns rent
C.
It is a free gift of nature
D.
The labourer sells labour but remains the owner of himself; labour is perishable
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ANSWER :
D. The labourer sells labour but remains the owner of himself; labour is perishable
12.
Which factor of production has 'no reserve price' and is most perishable?
A.
Capital
B.
Land
C.
Labour
D.
Enterprise
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ANSWER :
C. Labour