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WorksheetsECONOMICS CHAPTER 3
Total questions: 10
Worksheet time: 5mins
The primary factors of production are:
Labour and Organisation
Labour and Capital
Land and Capital
Land and Labour.
The man-made physical goods used to
produce other goods and services are referred to as.
Land
Labour
Capital
Organization
Formula for calculating AP is
ΔTP/N
ΔTP/ΔN
TP/MP
TP/N
The functional relationship between “inputs” and “outputs” is called as
Consumption Function
Production Function
Savings Function
Investment Function
Who said, that one of the key of an entrepreneur is “uncertaintybearing”.
J.B.Clark
Schumpeter
Knight
Adam Smith
The long-run production function is explained by
Law of Demand
Law of Supply
Returns to Scale
Law of Variable Proportion
Mention the economies reaped from inside the firm
financial
technical
managerial
all of the above
Modern economists have propounded the law of
Increasing returns
decreasing returns
Constant returns
variable proportions.
An Iso-quant curve is also known as
Inelastic Supply Curve
Inelastic Demand Curve
Equi-marginal Utility
Equal Product Curve
Which of the following is not a characteristic of land?
Its limited supply.
It is mobile
Heterogeneous
Gift of Nature
