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The Story of Village Palampur Test - 6

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The Story of Village Palampur Test - 6
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Weekly Quiz Competition
  • Question 1
    1 / -0
    The activities such as manufacturing, transport and shop-keeping are referred to as _____.
    Solution

    Non-farming activities are the activities which are not related to farming or agricultural activities. Non-farming employment is defined as any form of employment other than farm employment such as manufacturing, shop-keeping etc.

  • Question 2
    1 / -0
    Which of the following are not characteristics of capital as a factor of production?
    Solution
    Tangible and visible man-made things which are required for production form capital. All other statements are characteristics of capital.
  • Question 3
    1 / -0
    The rate at which one product is transformed into another is called ________.
    Solution
    The rate at which one product is transformed into another is called Marginal Rate of Transformation. MRT is the ratio of units of a commodity sacrificed to gain an additional unit of another commodity. MRT is equal to the units sacrificed divided by units gained.
  • Question 4
    1 / -0
    The theory of production helps _____________________.
    Solution

    The theory of production helps in:

    In the analysis of relations between costs and volume of output: means it is a relationship between the cost incurred to produce goods and the volume of goods produced.

    It helps us study the theory of demand of firms in the sense that it helps to take better decisions regarding the production and supply.

    It also helps in the study of the theory of distribution at the macro level as we can derive it from the individual units. 

  • Question 5
    1 / -0
    Non-factor inputs are known as ___________.
    Solution
    Non -factor inputs are those inputs which are indirectly necessary in the production function . They cannot be consumed as final products but it is of extreme significance , thus non factor inputs are known as intermediate consumption.
  • Question 6
    1 / -0
    Ability to consume the produced goods and services affects which of the following?
    Solution
    Higher ability to consume is an indicator of higher income or earnings of the population. It also increases the income of the producers. Similarly if the demand of a society increases, it creates employment opportunities for the producers and in turn prospects of better income.
  • Question 7
    1 / -0
    Cost of production of the producer is given by which of the following?
    Solution
    The cost to the entrepreneur will include the rewards that must be paid to each factor of production. ie. Rent for employing land, wages paid to labourers, interest paid on capital and profit paid to the entrepreneur.
  • Question 8
    1 / -0
    Which of these activity is considered production in economics?
    Solution
    A doctor practicing in his clinic is considered as production as by rendering services to the patients ,doctor is yielding some monetary gain which is calculated in national income of an economy.
  • Question 9
    1 / -0
    In economics, production means _________________.
    Solution
    Production means to make goods or provide services for the people. It uses the inputs and transforms it into outputs that is the goods that people require for their survival. So the entrepreneur makes use of land, labor, and capital to produce goods which the people need and want. The goods are produced according to the income of the people. The rent is paid on the land and wages is paid to the labor for contributing to the production process.
  • Question 10
    1 / -0
    Which of the following is a correct match of factor of production with its reward?
    Solution
    All factors of production get rewards, otherwise they are not factors of production. Option 1 is a correct match. Others are incorrect. For instance, members of family involved in household activities do not get reward, and hence are not considered labour. If workers receives wages, they form labour.
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