Pro Alfred Marshall include all natural resources under the heading of
Land
Labour
Capital
Organiser
Economic growth can be shown by
An inward shift of the PPF
A movement along the PPF
An outward shift of the PPF
None of these
By we mean the increase in the output obtained from land when the area of land used increases by one unit.
Average productivity of land
Marginal productivity of land
Due to scarcity of resources:
Every society must under take central planning
The government must decide how to allocate available resources
Some members of each society must live
Every society must choose among competing uses of available resources.
The _______ play such an important role in the productive mechanism.
All the above
_________ is defined to include not only land surface but also all other gift of nature.
Which is NOT a characteristics of land?
Natural fertility of land
Supply of land is fixed
Land is immobile
Land is heterogeneous
Skills that embodied in a person are
Human capital
Embodied skills
Physical capital
Experience skill
Passive factor of production is
Only land
Only capital
Both land and capital
Neither land nor capital
Utility means
Power to satisfy a want
Usefulness
Willingness of a person
Harmfulness
