The primary factors of production are:

(a)

Labour and Organisation

(b)

Labour and Capital

(c)

Land and Capital

(d)

Land and Labour

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

(a)

Land

(b)

Labour

(c)

Capital

(d)

Organization

Formula for calculating AP is

(a)

\(\frac { \Delta TP }{ N } \)

(b)

\(\frac { \Delta TP }{ \Delta N } \)

(c)

\(\frac { TP }{ MP } \)

(d)

\(\frac { TP }{ N } \)

Who said, that one of the key of an entrepreneur is "uncertainty-bearing".

(a)

J.B. Clark

(b)

Schumpeter

(c)

Knight

(d)

Adam Smith

The functional relationship between "inputs" and "outputs" is called as

(a)

Consumption Function

(b)

Production Function

(c)

Savings Function

(d)

Investment Function

In a firm 5 units of factors produce 24 units of the product. When the number of factor increases by one, the production increases to 30 units. Calculate the Average Product.

(a)

30

(b)

6

(c)

5

(d)

24

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

The long-run production function is explained by

(a)

Law of Demand

(b)

Law of Supply

(c)

Returns to Scale

(d)

Law of Variable Proportions

An Iso - quant curve is also known as

(a)

Inelastic Supply Curve

(b)

Inelastic Demand Curve

(c)

Equi-Marginal Utility

(d)

Equal Product Curve

_____________ is facilitated by transport and communication systems.

(a)

Time utilities

(b)

Place utilities

(c)

Form utilities

(d)

Possession utilities

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

(a)

Alfred Marshall

(b)

Robbins

(c)

Adam Smith

(d)

J.M. Keynes

Annual income flows are called _______________

(a)

Annual cost

(b)

Minimum cost

(c)

Annuities

(d)

Annual income

_____________ is a free gift of nature.

(a)

Land

(b)

Organisation

(c)

Capital

(d)

All of these

___________ may be classified in to five kinds

(a)

External Economies

(b)

Economies of scale

(c)

Internal Economies

(d)

Modem Economy

__________is the other name given for factor of production.

(a)

Inputs

(b)

Outputs

(c)

Exertion

(d)

Formation