Which is not a factor of production?
Land
Labour
Car
Capital
_________ is limited by the extent of market.
Division of Labour
Profit
Macro economics is otherwise known as
Welfare Economics
Development Economics
Aggregate Economics
Micro Economics
Due to scarcity of resources
Every society must undertake central planning
The government must decide how to allocate the available resources
Some members of each society only can live
Every society must choose among competing uses of available resources
Short run production function means
At least one factor is in fixed supply
Two factors are in fixed supply
All factors are in fixed supply
One factor in variable supply
Capital means
Nature's Wealth
Goods and Services
Organisation
Building and Machinery
The supply of labour in an economy at very high real wages.
Increases
Decreases
Remains Constant
Equality
A successful entrepreneur is one who is ready to accept
Innovation
Risks
The location of the production unit
Low wages
The advantage which accrues to a firm as a result of an increase in the scale of operation is called
External economies to scale
Internal economies to scale
Internal diseconomies
Constant return to scale