is defined to include not only the surface of the earth but also all other gifts of nature.
Land
Labour
Capital
Entrepreneur
is/are also an important determinant of the productivity of land.
Investment on land
Proper use of land
Security of tenancy
All the above
The concept of choice would be come irrelevant if
Capital was eliminated
Scarcity were eliminated
We were dealing with a very simple one person economy
Accumulation of capital
By _________ we mean the physical or mental effort exerted for the purpose of producing a commodity or a service.
Organiser
Skills that embodied in a person are
Human capital
Embodied skills
Physical capital
Experience skill
The factors of production are
Limited
Unlimited
Both a and b
Neither a nor b
By we mean the increase in the output obtained from land when the area of land used increases by one unit.
Average productivity of land
Marginal productivity of land
________ are the four important factors of production.
By we mean the output obtained from land divided by the area of land.
Economist use the term utility to mean
The value of a product before it has been advertised
The satisfaction a consumer obtains from a good or service
Any characteristics of a good or service which cannot be measured
None of these