The primary factors of production are:

(a)

Labour and Organisation

(b)

Labour and Capital

(c)

Land and Capital

(d)

Land and Labour

The man-made physical goods used to produce other goods and services are referred to as

(a)

Land

(b)

Labour

(c)

Capital

(d)

Organization

The functional relationship between "inputs" and "outputs" is called as

(a)

Consumption Function

(b)

Production Function

(c)

Savings Function

(d)

Investment Function

In a firm 5 units of factors produce 24 units of the product. When the number of factor increases by one, the production increases to 30 units. Calculate the Average Product.

(a)

30

(b)

6

(c)

5

(d)

24

The short-run production is studied through

(a)

The Law of Returns to scale

(b)

The Law of Variable Proportions

(c)

Iso - quants

(d)

Law of Demand

Classify the factors of production.

State the production function.

Define Marginal Product of a factor.

What are the characteristics of land?

What are the factors governing elasticity of supply?

What are the functions of Entrepreneur?

Examine the Law of Variable Proportions with the help of diagram.

Elucidate the Laws of Returns to scale. lliustrate.