ECONOMICS (CBSE/UGC NET)

Previous
Next

ECONOMICS

ECONOMIC DEVELOPMENT

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Other things the same, an economy’s factor of production are likely to be used more effectively if there is an economy wide respect for property rights.
A
True
B
False
C
Either A or B
D
None of the above
Explanation: 

Detailed explanation-1: -The factors of production are land, labor, capital, and entrepreneurship.

Detailed explanation-2: -The four main factors of economic growth are land, labor, capital, and entrepreneurship.

Detailed explanation-3: -Labor is the human effort that can be applied to the production of goods and services. Labor’s contribution to an economy’s output of goods and services can be increased either by increasing the quantity of labor or by increasing human capital.

Detailed explanation-4: -When economists refer to capital, they are referring to the assets-physical tools, plants, and equipment-that allow for increased work productivity. Capital comprises one of the four major factors of production, the others being land, labor, and entrepreneurship.

There is 1 question to complete.
Previous
Next