The man-made physical goods used to produce other goods and services are referred to as

(a)

Land

(b)

Labour

(c)

Capital

(d)

Organization

The short-run production is studied through

(a)

The Law of Returns to scale

(b)

The Law of Variable Proportions

(c)

Iso - quants

(d)

Law of Demand

Modern economists have propounded the law of

(a)

Increasing returns

(b)

Decreasing returns

(c)

Constant returns

(d)

Variable proportions

The relationship between the price of a commodity and the supply of commodity is

(a)

Negative

(b)

Positive

(c)

Zero

(d)

Increase

_____________ said that 'exertion of body or mind' results in labour.

(a)

Alfred Marshall

(b)

Robbins

(c)

Adam Smith

(d)

J.M. Keynes

_____________ is a free gift of nature.

(a)

Land

(b)

Organisation

(c)

Capital

(d)

All of these

__________ represent Human capital.

(a)

Money

(b)

Efficiency

(c)

Hard work

(d)

All the above

The long run production is analysed by using two concept _____________ and ______________

(a)

Iso quant Return to scale

(b)

Decreasing and Increasing return to scale

(c)

Increasing and Diminishing returns

(d)

None of these

________________ cannot be separated from labourer.

(a)

Labour

(b)

Organisation

(c)

Time

(d)

Money

At the point of inflexion, the marginal product is ______________

(a)

Increasing

(b)

Decreasing

(c)

Maximum

(d)

Negative