___________ is man made physical goods used to produce other goods.
Physical capital
Human capital
Money capital
All the above
Feature of labour:
It cannot be stored
Labourer has to work in person
Labourer sells his service
All of the above
Returns to scale occur:
In the long run
When all inputs are increased
When the increase in inputs is in the same proportion
Factors of production can be
Land
Labour
Organization
Labour cannot be separated from
Capital
Labourer
Profit
Reward paid to capital is
Interest
Wages
Rent
Entrepreneur is a person who is:
Organizer
Manager
Risk taker
An enquiry into the nature and causes of wealth of nation was written by
Alfred Marshall
Adam Smith
Samuelson
Keynes
_________ is limited by the extent of market.
Division of labour
Short run production function means
At least one factor is in fixed supply
Two factor are in fixed supply
All factors are in fixed supply
One factor is in variable supply
