A successful entrepreneur is one who is ready to accept
Innovations
Risks
Deciding the location of the production unit
All the above
Labour cannot be separated from
Capital
Labourer
Profit
Organization
Factors of production can be
Land
Labour
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
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
Capital include:
Producer goods
Inventory of material goods
Consumer goods
The initial supply price of land is
Zero
Greater than one
Less than one
Equal to one
Efficiency of labour depends upon
Skill
Physical strength
Training
Land and labour are called _____ factors.
Primary factors
Desired factors
Secondary factors
Service factors
