Capital include:
Producer goods
Inventory of material goods
Consumer goods
All of the above
Factors of production can be
Land
Labour
Organization
Labour cannot be separated from
Capital
Labourer
Profit
Production refers to
Destruction of wealth
Creation of utilities
Exchange value
All 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
A successful entrepreneur is one who is ready to accept
Innovations
Risks
Deciding the location of the production unit
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
Entrepreneur is a person who is:
Organizer
Manager
Risk taker
Returns to scale occur:
In the long run
When all inputs are increased
When the increase in inputs is in the same proportion
