The Story of Village Palampur Test

Result

The Story of Village Palampur Test - 7

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Weekly Quiz Competition

Question 1
1 / -0

Why is consumption important to economic activity?

A
Consumption is inevitable

B
It is a part of the process

C
It indicates the standard of living of people

D
None of the above

Solution

Consumption is the end point of production process. The quality and quantity of consumption has impact on the standard of living of people in a society. If the society produces more than it consumes, it can keep the residual portion for investment so that economy continues to grow.
Question 2
1 / -0

Which of these is not one of the features of labour as a factor of production.

A
Perishable

B
Mobility

C
Uniformity in productivity

D
All
Question 3
1 / -0

X a software engineer, has a high value of marginal productivity because X is

A
More skilled

B
Is highly paid

C
Delivers high value products and service

D
All the three
Question 4
1 / -0

Which of the following is considered production in economics?

A
Painting a picture for pleasure

B
Preventing a child from falling into a man-hole on the road

C
Singing a song before friends

D
Tilling of soil

Solution

Tilling a soil is an economic activity because for cultivation, tilling of soil is necessary and cultivation of crops will result in increase in production of crops in an economy and hence, it is considered as production in economics.
Question 5
1 / -0

According to _____, "Production is a process by which goods and services are created".

A
Alfred Marshall

B
Adam Smith

C
Edward Buffa

D
George Bernard Shaw

Solution

Edward Buffa defined production mechanism as a process by which creation of goods and services happen. Production will lead to increase in goods and services available in an economy. Increasing productivity is one of the major goal of every economy.
Question 6
1 / -0

Which city will get India's first 'freight village'?

A
Varanasi

B
Jaipur

C
Bengaluru

D
Kolkata

Solution

A ‘Freight Village’ refers to a specialised industrial estate that attracts those companies which are in requirement of logistics services and can cluster to improve their competitiveness. In this connection, the city of Varanasi will get the country’s first ‘freight village’. It is spread over around 100 acres.
Thus, the correct answer is A.
Question 7
1 / -0

Which of the following is the main source of irrigation in India?

A
Tubewells

B
Canal

C
Tanks

D
Rivers

Solution

The main source of irrigation in India is tube-wells which provide 46% of water for irrigation.
Question 8
1 / -0

Which of these activity(ies) is/are excluded from production?

A
Self-consumption of goods and services

B
Export of goods and services

C
An artist staging performance on Independence day for payment

D
Services of a domestic servant

Solution

Self-consumption of goods and services is excluded from production. For example, a farmer cultivating vegetables in his field but he consumes $$10$$% of the vegetables from his total cultivation, then these $$10$$% of the vegetables will be regarded as self-consumption by the farmer and won't be counted in production.
Question 9
1 / -0

Which of the following is not a factor input?

A
Raw material

B
Labour

C
Land

D
Wages

Solution

Raw material, land and labour are types of factors or factor inputs used in production.
Wages are the reward received by labour. So they are one of the factor payments or factor rewards.
Question 10
1 / -0

Which of the following cannot be treated as factor of production?

A
Entrepreneurship

B
Capital

C
Profit

D
Land

Solution

Profit is an outcome which firms get as a result of their production. Profit is not a factor of production since it does not participate in production process. Profit is an outcome, it does not increase the productivity of an economy.

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Re-Attempt Weekly Quiz Competition

The Story of Village Palampur Test - 7

Result

The Story of Village Palampur Test - 7

Score

-

Rank

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SHARING IS CARING

Question 1

Consumption is inevitable

It is a part of the process

It indicates the standard of living of people

None of the above

Solution

Question 2

Perishable

Mobility

Uniformity in productivity

All

Question 3

More skilled

Is highly paid

Delivers high value products and service

All the three

Question 4

Painting a picture for pleasure

Preventing a child from falling into a man-hole on the road

Singing a song before friends

Tilling of soil

Solution

Question 5

Alfred Marshall

Adam Smith

Edward Buffa

George Bernard Shaw

Solution

Question 6

Varanasi

Jaipur

Bengaluru

Kolkata

Solution

Question 7

Tubewells

Canal

Tanks

Rivers

Solution

Question 8

Self-consumption of goods and services

Export of goods and services

An artist staging performance on Independence day for payment

Services of a domestic servant

Solution

Question 9

Raw material

Labour

Land

Wages

Solution

Question 10

Entrepreneurship

Capital

Profit

Land

Solution

User

Question Analysis

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Score

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