By __________ we mean the process of creating the various good and services , which are consumed by the people of the country.
Production
Distribution
Land
Investment
Economist use the term utility to mean
The value of a product before it has been advertised
The satisfaction a consumer obtains from a good or service
Any characteristics of a good or service which cannot be measured
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
Labour
Economic growth can be measured by
The CPI
The CBI
GDP
MPC
By _________ we mean the physical or mental effort exerted for the purpose of producing a commodity or a service.
Capital
Organiser
Pro Alfred Marshall include all natural resources under the heading of
Whatever is used in the production process is called
Input or factor of production
Output
Production function
________ is / are considered to be agents of production.
All the above
Passive factor of production is
Only land
Only capital
Both land and capital
Neither land nor capital
