_________ is limited by the extent of market.
Labour
Capital
Division of labour
Land
Returns to scale occur:
In the long run
When all inputs are increased
When the increase in inputs is in the same proportion
All of the above
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
___________ is man made physical goods used to produce other goods.
Physical capital
Human capital
Money capital
All the above
Land and labour are called _____ factors.
Primary factors
Desired factors
Secondary factors
Service factors
Labour cannot be separated from
Labourer
Profit
Organization
Production refers to
Destruction of wealth
Creation of utilities
Exchange value
Efficiency of labour depends upon
Skill
Physical strength
Training
An enquiry into the nature and causes of wealth of nation was written by
Alfred Marshall
Adam Smith
Samuelson
Keynes
Factors of production can be
