Factors of production can be
Land
Labour
Organization
All of the above
Entrepreneur is a person who is:
Organizer
Manager
Risk taker
_________ is limited by the extent of market.
Capital
Division of labour
Rent
A successful entrepreneur is one who is ready to accept
Innovations
Risks
Deciding the location of the production unit
All the above
Reward paid to capital is
Interest
Profit
Wages
Land and labour are called _____ factors.
Primary factors
Desired factors
Secondary factors
tertiary factor
Labour cannot be separated from
Labourer
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
Feature of labour:
It cannot be stored
Labourer has to work in person
Labourer sells his service
The initial supply price of land is
Zero
Greater than one
Less than one
Equal to one
