Passive factor of production is
Only land
Only capital
Both land and capital
Neither land nor capital
Skills that embodied in a person are
Human capital
Embodied skills
Physical capital
Experience skill
In economics the central problem is
Allocation
Production
Scarcity
Consumption
is/are also an important determinant of the productivity of land.
Investment on land
Proper use of land
Security of tenancy
All the above
_________ is defined to include not only land surface but also all other gift of nature.
Labour
Land
Capital
Organiser
By __________ we mean the process of creating the various good and services , which are consumed by the people of the country.
Distribution
Investment
What lies is at the heart of the allocation of goods and services in a free market economy?
Concerns of equity
The order or command of the ruling government or dictator
The price mechanism
Capital formation
Which is NOT a characteristics of land?
Natural fertility of land
Supply of land is fixed
Land is immobile
Land is heterogeneous
Natural resources include
Mineral resources
Forest resources
Water resources
Who has given scarcity definition of economics?
Adam smith
Marshall
Robbins
Robertson
