0

Story of a village - class-XI

Description: story of a village
Number of Questions: 109
Created by:
Tags: production analysis story of a village economics factors of production how does production take place? fundamental concepts and terminologies
Attempted 0/109 Correct 0 Score 0

All primary occupations like agriculture, animal husbandry, poultry farming, fisheries, dairying, forestry, etc. are land oriented.

  1. True

  2. False


Correct Option: A
Explanation:
The following occupations which are land oriented,that is, they occur due to the presence of land, are as follows:
Agriculture: the science or practice of farming, including cultivation of the soil for the growing of crops and the rearing of animals to provide food, wool, and other products.
Animal husbandry: the science of breeding and caring for farm animals
Fisheries: a place where fish are reared for commercial purposes.
Dairying: the business of producing, storing, and distributing milk and its products
Forestry: the science or practice of planting, managing, and caring for forests.

All sources of power, i.e. hydro-electricity, Wind energy, thermal power, diesel, , oil, etc. emanate from ____________.

  1. air

  2. water

  3. land

  4. all of the above


Correct Option: D
Explanation:

Hydro electricity is derived from water, wind energy from air and the rest are derived from land.

Manufacturing industries get diverse type of ___________ from land.

  1. finished materials

  2. raw materials

  3. products

  4. artificial products


Correct Option: B
Explanation:

Raw materials from could also include crude oild extracted from the sea beds. 

The land is a passive factor of production because it cannot produce anything on its own.

  1. True

  2. False


Correct Option: A
Explanation:

Land is of no use without human efforts and other factors of production.Hence, the land is a passive factor of production.

In under-developed countries, _________ provide the basis of employment.

  1. primary activities

  2. secondary activities

  3. tertiary activities

  4. none of the above


Correct Option: A
Explanation:

Primary sector of an economy deals with the production of raw materials and basic foods. Examples of primary sector are: agriculture, mining, forestry, etc. Under-developed countries mainly depends on primary activities for the employment opportunities.

The land is a _________ factor of production.

  1. basic

  2. secondary

  3. not so important

  4. tertiary


Correct Option: A
Explanation:

The basic factors of production are Land, Labour, Capital and entrepreneur. 

Natural resources, emanating from land, play an important role in the economic development of a country.

  1. True

  2. False


Correct Option: A
Explanation:

More the natural resource a country has ,more prosperous it becomes.As the per capita resource gets increased,production increases and hence the economy gets richer.

The productivity of land can be ________ with the help of improved seeds, chemical manures, and machines.

  1. minimized

  2. maximized

  3. diminished

  4. weakened


Correct Option: B
Explanation:

Improved seeds(HYV seeds), chemical manures and machines(like tractors,improved irrigation facilities) assist in maximizing the productivity of land, since they would bring in efficiency in the production process.

The productivity of land refers to extent of efficiency. 

  1. True

  2. False


Correct Option: A
Explanation:

Productivity of land refers to the total output divided by the per unit area of land.Hence the productivity of land is measured to check the extent of efficiency.

The productivity of land is determined by its natural qualities and its _________.

  1. location

  2. organizer

  3. ownership laws

  4. fertility


Correct Option: D
Explanation:

Fertility of land is one of the factor which is responsible for measuring the productivity of land. More fertile the land is, more will be the production of crops (output).

The State's negligence towards agriculture is regarded as one of the main causes of agricultural backwardness. This results in low productivity.

  1. True

  2. False


Correct Option: A
Explanation:

Sometimes the State is unable to improve the conditions of agricultural sector. Proper investment in this area is often neglected by the state. Hence, the State's negligence towards agriculture can result in low productivity of land which will result the economy to fall in an low equilibrium trap.

Land influences the economic growth of a country.

  1. True

  2. False


Correct Option: A
Explanation:

More efficient the land gets used in an economy,more the economy gets developed and rich. Hence the land influences the economic growth of a country.

Land does not maintain ecological balance.

  1. True

  2. False


Correct Option: B
Explanation:

Land maintains the ecological balance. Ecology is the science of the study of ecosystems. Ecological balance is a state of equilibrium where all the species live in harmony.

For better agricultural productivity, the location of land near __________ is desirable.

  1. mineral resources

  2. power resources

  3. water resources

  4. animal resources


Correct Option: C
Explanation:

Water resources close to farm lands is essential for better productivity due to better irrigation. This s especially important in under developed and developing countries as they lack infrastructure to for proper irrigation facilities. 

The competence and ability of a __________ directly affects the productivity of land.

  1. fisherman

  2. milkman

  3. farmer

  4. lawyer


Correct Option: C
Explanation:

The skills and the competence of the farmers is proved to directly increase the productivity of the land under cultivation. This is because a skilled and competent labour force is necessary to optimally use the inputs from land to maximise output.

Improved techniques have increased the productivity of the land.

  1. True

  2. False


Correct Option: A
Explanation:

Improved techniques used in the production system ,increases the ability of the land to generate more goods and services in a more efficient and effective way.

Surplus earned by a factor land in a short period of time referred to as ________.

  1. economic rent

  2. net rent

  3. quasi-rent

  4. super-normal rent


Correct Option: C
Explanation:

Quasi-rent refers to the excess amount earned from the utilization of land for the production mechanism during short period of time.

Which of the following resources is most scarce?

  1. land resource

  2. air as a resource

  3. human resource

  4. all the the above


Correct Option: A
Explanation:

Land is a free gift of nature and it is fixed in terms of the area hence it is the most scarce resource among the following.

Seawater, fresh air, etc are regarded in Economics as _________.

  1. giffen goods

  2. inferior goods

  3. free goods

  4. normal goods


Correct Option: C
Explanation:
Sea water,fresh air,etc are regarded as free goods in economics as these are natural resources and hence these are the free gifts of nature.These resources also possess unlimited availability.

Rent paid by a residential tenant to the owner is a part of ________.

  1. capital formation

  2. final consumption

  3. intermediate consumption

  4. consumer durable


Correct Option: B
Explanation:

It is a final consumption as over here the residential tenant is the final consumer. Moreover, paying rent to the owner does not involve any  intermediate consumption.

The cost of land as a factor of production is _________.

  1. rent

  2. interest

  3. dividend

  4. fertilizers


Correct Option: A
Explanation:

The cost of land as factor of production is known as rent.For instance, when a person utilize a piece of land for any production purpose,certain cost in the form of rent is to be paid.

_____is not a characteristic of land.

  1. Free gift of nature

  2. Fixed supply

  3. Complete mobility

  4. Heterogeneity in productivity


Correct Option: C
Explanation:

Complete mobility is not a characteristics of land as land is a free gift of nature ,it does not possess any mobility ,that is, it cannot be moved from one place to another.

_____these resources would be called as land in economics.

  1. Coal mines of Bihar

  2. Water resources of Uttaranchal

  3. Mineral deposits of Jharkhand

  4. All of the above


Correct Option: D
Explanation:

Coal mines of Bihar, water resources of Uttaranchal,mineral deposits of Jharkhand- all these resources are regarded as land in economics because these resource help to produce goods and services in the economy thus, an efficient production process can be ensured. Income and employment generation -can also be increased by utilizing these resources.

______ has a flat supply curve.

  1. Capital

  2. Land

  3. Labour

  4. Technology


Correct Option: B
Explanation:

Land has a flat supply curve since the quantity supplied of land is fixed since land is a natural resource. Therefore, the supply curve of land is inelastic in nature, that is, supply of land remains fixed irrespective of the change in demand level.

Which of these is/are not characteristic of land as a factor of production.?

  1. Mobility

  2. Limited supply

  3. Heterogeneity

  4. Passive


Correct Option: A
Explanation:

Land is a natural resource and does not possess any mobility ,that is ,it cannot be moved from one place to another.

Which of the following factor of production is free gift of nature?

  1. Entrepreneurship

  2. Capital

  3. Labour

  4. Land


Correct Option: D
Explanation:

Among the 4 factors of production, land is a free gift of nature to human beings, its quantity supplied is unlimited and fixed.

Which of the following is true regarding "land" as a factor of production?

  1. Land is a perfectly immobile factor.

  2. Land is a passive factor.

  3. Economic reward for land is rent.

  4. All of the above


Correct Option: D
Explanation:
1) Land is a free gift of nature ,it cannot be moved from one place to another, thus,it does not possess any mobility
2) Land is a passive factor of production as it depends on other factors of production for the production process to begin.
3)Rent is the cost of land as a factor of production.

Which of the following statements is correct?

  1. Supply of land can be increased.

  2. Land does not yield any result unless human efforts are employed.

  3. Fertility of land cannot change.

  4. Supply of land is perfectly elastic.


Correct Option: B
Explanation:

Land is a passive factor of production,and hence it is dependent on other factors of production like,labour.(human efforts )

In economics, land includes natural resources -
(I) On the surface like soil, agricultural land
(II) Below the surface like mineral resources, rocks, ground water
(III) Above the surface like climate, rain, space, monitoring.
Select the correct answer from the options given below:-

  1. (I)

  2. (II) and (III)

  3. (II)

  4. All (I) to (III)


Correct Option: D
Explanation:

Land includes all those natural resources which help in the production process to increase the productivity of an economy.

Which of the following is not true regarding "land" as a factor of production?

  1. Land is primary factor of production.

  2. Land is a man-made factor.

  3. The supply of land is fixed.

  4. Land is a free gift of nature to mankind.


Correct Option: B
Explanation:

Land is a free gift of nature to human beings,thus it is not a man-made factor.

Which of the following is not a characteristic of land?

  1. It is produced by our forefathers.

  2. Its usefulness depends on human efforts.

  3. It is immobile.

  4. Its supply for the economy is limited.


Correct Option: A
Explanation:

Land is not produced by any human, it is a free gift of nature and its quantity supplied is fixed.

Which of the following is not a characteristic of land?

  1. It is produced by our forefathers

  2. Its usefulness depends on human efforts.

  3. It is immobile.

  4. Its supply for the economy is limited.


Correct Option: A
Explanation:

Land is not produced by our forefathers.It is a free gift of nature to mankind and thus the quantity supplied of land is fixed form the history of evolution.

Which of the following is not true regarding 'land' as a factor of production?

  1. Land is primary factor of production.

  2. Land is a man-made factor.

  3. The supply of land is fixed.

  4. Land is a free gift of nature to mankind.


Correct Option: B
Explanation:

Land is a natural resource .It is considered as a free gift of nature to mankind,thus its quantity supplied is fixed.Hence,labour is a man-made factor.

Which of the following is true regarding 'land' as a factor of production?

  1. Land is perfectly immobile factor.

  2. Land is a passive factor.

  3. Economic reward is rent.

  4. All of above


Correct Option: D
Explanation:
1)Land is perfectly immobile factor as it is a natural resource and its quantity supplied is fixed and thus it does not possess any kind of mobility.
2)Land is a passive factor of production as it depends on other factors of production like,labour.
3)Rent is known as the cost of rent.For instance, a person needs to pay some cost in the form of rent to utilize the land for the production purpose.

_____ can kill bacteria and other micro organisms in the soil.

  1. Bio fertilizers

  2. Organic fertilizers

  3. Manure

  4. Homemade fertilizers

  5. Chemical fertilizers


Correct Option: E
Explanation:

A chemical fertilizer is defined as any inorganic material of wholly or partially synthetic origin that is added to the soil to sustain plant growth. Can also kill bacteria and other micro organisms in the soil.

To grow more than one crop on a piece of land during the year is known as ______.

  1. kharif crop

  2. multiple cropping

  3. rabi crop

  4. zaid crop

  5. none of the above


Correct Option: B
Explanation:

In agriculture, multiple cropping is the practice of growing two or more crops in the same piece of land during a single growing season. It is a form of polyculture.

Bigha and Guntha are _____.

  1. types of soil

  2. types of seeds

  3. types of rabi crop

  4. local units of measuring farmland area


Correct Option: D
Explanation:

Bigha and Guintha are two local units of measuring land area in village.

Which state was among the first to try out modern farming methods in India?

  1. Jharkhand

  2. Haryana

  3. Bihar

  4. Orissa


Correct Option: B
Explanation:

Haryana state was the first to try out modern farming methods in India.

Which of the following is a fixed capital?

  1. Clay

  2. Yarn

  3. Tools

  4. Seeds


Correct Option: C
Explanation:

Fixed capital includes the assets that are needed to start up and conduct business. These assets are considered fixed as they are not consumed or destroyed during the actual production of a good or service but have a reusable value. 

Which input is not a working capital?

  1. Machines

  2. Raw-materials

  3. Money

  4. Shares


Correct Option: A
Explanation:

Working capital is the daily expenses which a business bears. Machines are fixed capital. 

Which of the following is an example of working capital?

  1. Tools

  2. Machines

  3. Raw materials

  4. Buildings


Correct Option: C
Explanation:

Working capital is the daily expenses which a business bears

Multiple cropping refers to ______.

  1. cultivation of wheat and rice

  2. cultivation of two crops in alternate rows

  3. cultivating more than one crop on the same field each year

  4. cultivating crops and rearing animals on the same farm


Correct Option: C
Explanation:

In agriculture, multiple cropping is the practice of growing two or more crops in the same piece of land during a single growing season. It is a form of polyculture. 

Increased use of ________ and __________ on a particular plot of land leads to an increase in crop production at a diminishing rate.

  1. capital and labour

  2. capital and entrepreneurship

  3. entrepreneurship and land

  4. none of the above


Correct Option: A
Explanation:

The above is true because land depletes in resources over time and takes time to replenish itself. 

Products like food grains, minerals, metals, timber, leather, hides and skins, wool, tea, jute, petroleum, milk, butter, etc. are tradable products of _________.

  1. land

  2. air

  3. water

  4. space


Correct Option: A
Explanation:

Products of land includes anything that is obtained or created by the land. 

Land is used for alternative purposes, like ___________.

  1. cultivation

  2. dairy or poultry farms

  3. industrial plants and factories

  4. all of the above


Correct Option: D
Explanation:

Land is used for various purposes in the production process such as cultivation of land is undertaken to generate agricultural produce, setting up of dairy or poultry farms, sheep rearing, industrial plants and factories, etc.

The land includes __________.

  1. the surface of the earth like plains, plateaus, mountains, sea, rivers, ponds, etc.

  2. air, light, oil, coal, natural gas, etc.

  3. silver, gold, and other metals and minerals

  4. all of the above


Correct Option: D
Explanation:

As 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". Hence, all of the above. 

Who defined land as "By land is meant not merely land in the strict sense of the word, but whole of the materials and forces which nature gives freely for man's aid in land and water, in air, light and heat"?

  1. Prof. J.K. Mehta

  2. Prof. Marshall

  3. Prof. J.R. Hicks

  4. Peterson


Correct Option: B
Explanation:

Land has been defined by Prof. Marshall as, "By land is meant not merely land in the strict sense of the word, but whole of the materials and forces which nature gives freely for man's aid in land and water, in air, light and heat".

Which of the following is the basis of transport?

  1. Air

  2. Water

  3. Land

  4. None of these


Correct Option: C
Explanation:

Land is the basic basis of transportation because of its extreme importance. It can provide door to door services; cost of land transportation is reasonable; less chance of the goods to get damaged ,etc

Land is the basis of life as we depend on land for our subsistence, residence and other necessities of life.

  1. True

  2. False


Correct Option: A
Explanation:

Land is a natural resource. It is a free gift of nature to mankind. Because of the presence of land our subsistence, residence and other necessities of life is facilitated.

The land ownership laws prevailing in a country have a significant influence on the productivity of the land.

  1. True

  2. False


Correct Option: A
Explanation:

Land ownership laws determines that 'who will own the land' ,has an extreme significance on the productivity of the land ,that is, the ability to produce goods and services in an economy in a more efficient and effective manner.

Insecurity of Tenancy Rights which may cause eviction of poor tenancy farmers makes them uninterested to ____________.

  1. worsen land productivity

  2. impair land productivity

  3. deteriorate land productivity

  4. improve land productivity


Correct Option: D
Explanation:

The farmers will not look to improve land productivity or maintain the land in good condition as insecurity of tenancy rights will demotivate them to do so. 

What is the fundamental factor that affects the productivity of land?

  1. Capital

  2. Subordinate land

  3. Secondary resources

  4. None of these


Correct Option: A
Explanation:

Capital is the fundamental factor that affects the productivity of land as for production capital is needed.For example, for cultivating the land proper HYV seeds,agricultural facilities,etc is needed- to facilitate all these capital is of extreme significance.

Which of the following have a positive effect on the productivity of land?

  1. Wells and tube wells

  2. Canals

  3. Tank

  4. All of these


Correct Option: D
Explanation:

Water resources close to farm lands is essential for better productivity due to better irrigation. This s especially important in under developed and developing countries as they lack infrastructure for proper irrigation facilities. 

The average productivity of land is defined as the output obtained from land divided by ____________.

  1. area of that piece of land

  2. available irrigation

  3. available resources

  4. none of these


Correct Option: A
Explanation:

Calculation of average productivity of land helps us to understand the per unit land productivity, which helps us to know the ability of a production system to produce more effectively and efficiently.

Which of the following highlight/s the importance of land?

  1. Land determines agricultural production

  2. The industrial progress depends on availability of mineral resources

  3. Land determines total production of a country

  4. All of the above


Correct Option: D
Explanation:

Land is one of the four basic factors of production. 

The productivity of land depends on the availability of ____________ as land alone cannot produce anything without it.

  1. efficient labour

  2. deficient labour

  3. important laws

  4. none of the above


Correct Option: A
Explanation:

Land alone is of no use without human resource or efficient and effective labour resource. An efficient production mechanism is established with the proper coordination between land and labour, where in the labour makes use of the land to produce output.

Economic rent refers to which of the following?

  1. Payment made for the use of labour

  2. Payment made for the use of capital

  3. Payment made for the use of organisation

  4. Payment made for the use of land


Correct Option: D
Explanation:

The reward for land is rent. Thus if the land is not owned by the entrepreneur the owner of the land must be compensated for its usage and thus the entrepreneur pays rent. 

If more and more capital and labour are employed on a piece of land after a certain point, the output increases by _________.

  1. more than proportionately

  2. proportionately

  3. less than proportionately

  4. constantly


Correct Option: C
Explanation:

This happens due to negative marginal returns for eg , in case of excessive employment in a particular land. At this point withdrawal of workers will help to increase the total output.

_____is/are characteristic of land.

  1. Fixed supply

  2. Requires labours and capital to be useful

  3. Highly immobile

  4. All of the above


Correct Option: D
Explanation:

Land is a free gift of nature to the human beings hence the supply of land is fixed,it requires labours and capital to be useful in order to make some production to the economy, it does not possess an mobilty,ie, it cannot be moved from one place to another.

The supply curve of land is __________.

  1. U shaped

  2. L shaped

  3. a straight line

  4. downward sloping


Correct Option: C

Which of these is not land in economics?

  1. Thermal power project at Singrauli

  2. Mango orchard of Malaybad in Uttar Pradesh

  3. Fish reserves of Arabian Sea

  4. Teak forest of Assam


Correct Option: A

Which of the following will have a flat supply curve?

  1. Labour

  2. Capital

  3. Land

  4. Raw material


Correct Option: C
Explanation:

Land has a flat supply curve because the quantity supplied of the land is fixed as land is natural resource. Land has a perfectly inelastic supply, that is, the supply of the land remains fixed irrespective of the increase or decrease in the demand of the land.

Supply of land is ________.

  1. perfectly inelastic

  2. perfectly elastic

  3. highly elastic

  4. relatively elastic


Correct Option: A
Explanation:

Supply of land is perfectly inelastic as change in demand of land does not lead to any change in supply of land as land is a free gift of nature and it's quantity is fixed.Supply curve of land is a straight vertical line .

The supply of land is _______.

  1. unlimited

  2. increased

  3. decreased

  4. limited


Correct Option: D
Explanation:

The supply of land is fixed as land is a free gift of nature,it can neither be increased,decreased nor it is unlimited.

Land in economics, means __________.

  1. material and non-material goods on the surface of earth

  2. minerals under the surface of earth

  3. all natural resources available to man for producing wealth

  4. all of the above


Correct Option: D

State the factor that is fixed in the short run.

  1. Land
  2. Raw material

  3. Electricity 

  4. Labour


Correct Option: A

India accounts for ________of world surface area.

  1. 4.2 per cent

  2. 2.4 per cent

  3. 5.4 per cent

  4. 3.2 per cent


Correct Option: B
Explanation:

India is the seventh largest country in the world on the basis of its land area. The share of India in percent terms is only 2.4 per cent of the total land surface of the world.

Land refers to -

  1. All free gifts of nature.

  2. All man-made resources

  3. Both (a) and (b)

  4. Neither (a) nor (b)


Correct Option: A

Reserves of Crude Oil is an example of  ________ , as a Factor of Production.

  1. Land

  2. Labour

  3. Capital

  4. Entrepreneurial Skills


Correct Option: A

Gold Mines is an example of  ________ , as a Factor of Production.

  1. Land

  2. Labour

  3. Capital

  4. Entrepreneurial Skills


Correct Option: A

As a Factor of Production, the Supply of Land is _____________ from the viewpoint of the entire economy.

  1. Perfectly elastic

  2. More elastic

  3. Less elastic

  4. Perfectly inelastic


Correct Option: D

Which of these is included in "Land" as a Factor of Production?

  1. Fertility of Soil

  2. Water

  3. Air

  4. All of the above


Correct Option: D

As a Factor of Production, Land is _______________.

  1. Permanent

  2. Original and indestructible

  3. A free gift of nature

  4. All of the above are correct.


Correct Option: D

As a Factor of Production, Land is ___________________.

  1. Fixed in quantity

  2. Variable in quantity

  3. Not quantifiable at all

  4. Not useful for production.


Correct Option: A

As a Factor of Production, "Land" is one of the  ________ means of Production.

  1. Original

  2. Produced

  3. Derived

  4. Monetary


Correct Option: A

Land refers to _______________.

  1. Soil and earth's surface

  2. Fertility of soil

  3. Natural resources

  4. All of the above


Correct Option: D

As a Factor of Production, Land is ________________.

  1. A free gift of nature.

  2. Fixed in quantity

  3. Variable in terms of fertility and uses

  4. All of the above are correct.


Correct Option: D

Anything available above the earth's surface is called "Land". This statement is ___________________.

  1. True

  2. False

  3. Partially True

  4. None of the above


Correct Option: C

Which one of the following is not a characteristic of land ________________.

  1. A Free gift of nature

  2. Its supply is fixed

  3. An active factor of production

  4. It has Different Uses


Correct Option: C

As a Factor of Production, the Supply of Land is perfectly inelastic from the viewpoint of ____________________.

  1. The entire economy

  2. An Individual Firm

  3. Both (a) and (b)

  4. Neither (a) nor (b)


Correct Option: A

As a Factor of Production, Land has certain inherent properties, e.g. Fertility. These properties are ________________.

  1. Indestructible

  2. Original

  3. Both (a) and (b)

  4. Neither (a) nor (b)


Correct Option: C

As a Factor of Production, Land lacks mobility in the ________ sense.

  1. Geographical

  2. Utility

  3. Both (a) and (b)

  4. Neither (a) nor (b)


Correct Option: A

As a Factor of Production, the Supply of Land is relatively elastic from the viewpoint of ___________________.

  1. The entire economy

  2. An Individual Firm

  3. Both (a) and (b)

  4. Neither (a) nor (b)


Correct Option: B

As a Factor of Production, Land is permanent. This means that Land ___________________.

  1. Remains before and after cultivation

  2. Cannot be destroyed or lost

  3. Cannot be used for production at all

  4. None of the above


Correct Option: B

As a Factor of Production, Land is mobile across ____________.

  1. Places

  2. Uses

  3. Both (a) and (b)

  4. Neither (a) nor (b)


Correct Option: B

No two pieces of land are exactly alike in all respects. This statement is ______________.

  1. True

  2. False

  3. Partially True

  4. None of the above


Correct Option: A

If Land is used for productive purposes, its fertility is reduced. Such fertility ________________.

  1. Can be restored

  2. Cannot be restored at all

  3. Is lost forever

  4. Both (b) and (c)


Correct Option: A

As a Factor of Production, the Elasticity of Supply of Land from the viewpoint of the entire economy is ______________.

  1. Infinite

  2. Zero

  3. Positive

  4. Negative


Correct Option: B

Which category of land is rent-less land?

  1. First category of land

  2. Second category of land

  3. Third category of land

  4. Marginal land


Correct Option: D
Explanation:

Rent, for a land in the case of cultivation land, refers to the difference between the value of the produce and the cost of cultivation. Marginal land is the last grade of land cultivated whose price of produce is just equal to the cost incurred. Thus, it is a rent-less land, since the cost of cultivation is equal to the value of the produce.

Which of these is an example of Land as a Factor of Production?

  1. Agricultural Lands

  2. Forests

  3. Diamond Mines

  4. All of the above


Correct Option: D

High yielding variety seeds (HYV) were introduced to Indian farmers to bring about the ________.

  1. White Revolution

  2. Green Revolution

  3. Orange Revolution

  4. Red Revolution


Correct Option: B
Explanation:

The introduction of high-yielding varieties of seeds led to the increase in production of foodgrains, thus improving agriculture in India.

Which is a non-farm activity?

  1. Multiple cropping

  2. Crop rotation

  3. Dairy farming

  4. Modern farming


Correct Option: C
Explanation:

Dairy farming is a non-farm activity.

Jowar and Bajra are _______.

  1. Kharif crops

  2. Rabi crops

  3. Zaid crops

  4. All of these


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.

  1. True

  2. False


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 _________.

  1. the surface of the earth

  2. the surface of the water

  3. the layer of the air

  4. all of the above


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.

  1. True

  2. False


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.

  1. True

  2. False


Correct Option: B

All lands are equally fertile.

  1. True

  2. False


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.

  1. True

  2. False


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.

  1. True

  2. False


Correct Option: A

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

  1. True

  2. False


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.

  1. True

  2. False


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.

An entrepreneur must possess good negotiating skills.

  1. True

  2. False


Correct Option: A
Explanation:

An entrepreneur manages the functions of an organization and hence he must possess good negotiating skills in order to ensure coordination over all the departments of the organization.

Entrepreneurs create an atmosphere of enthusiasm and convey a sense of purpose.

  1. True

  2. False


Correct Option: A
Explanation:

An entrepreneur is responsible for motivating the employees .He also convey a sense of purpose in order to project an organizational goal and asks everyone to work hard to achieve that goal.

Which is the most essential function of an entrepreneur?

  1. Supervision

  2. Management

  3. Marketing

  4. Risk bearing


Correct Option: D
Explanation:

An entrepreneur uses his ideas and knowledge to run an organization thus,he bears the risk involved in setting up an organization.

Which of the following includes entrepreneurs cost of production?
I. Wages of labour
II. Interest of capital
III. Cost of raw materials
IV. Depreciation of capital goods 

  1. I and II are correct

  2. II and III are correct

  3. II and IV are correct

  4. All are correct


Correct Option: D
Explanation:
Entrepreneurs' cost of production includes-
1) wages of labour
2) interest of capital(amount of money invested)
3) depreciation of capital goods like machinery
-as all these are to be bear by the entrepreneur or the business entity.

The cost of entrepreneur as a factor of production is _______.

  1. interest

  2. rent

  3. dividend/profit

  4. wages


Correct Option: C
Explanation:

Dividend/profit is known as the cost as a factor of production.For instance, when an entrepreneur invests his ideas to run an organization,then as a result ,profit is derived which is known as the cost of entrepreneur.

Which factor of production brings together the other factors of production to produce economic goods and services?

  1. Land

  2. Entrepreneur

  3. Capital

  4. Labour


Correct Option: B
Explanation:

Entrepreneur uses his/her skills ,knowledge and ideas to bring the other factors of production to produce economic goods and services

An entrepreneur takes the responsibility of _________.

  1. production

  2. supply of a production

  3. management

  4. organisation


Correct Option: D
Explanation:

An entrepreneur uses his skill and knowledge to run an organization and thus, he takes the responsibility of the whole organization in order to ensure the smooth functioning of the organization.

- Hide questions