Efficiency of labour depends upon
Skill
Physical strength
Training
All of the above
Entrepreneur is a person who is:
Organizer
Manager
Risk taker
The initial supply price of land is
Zero
Greater than one
Less than one
Equal to one
Feature of labour:
It cannot be stored
Labourer has to work in person
Labourer sells his service
The functional relationship between inputs and output is known as
Production
Capital
Production function
All 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
_________ is limited by the extent of market.
Labour
Division of labour
Land
Factors of production can be
Organization