Podcast
Questions and Answers
Where does the production of services take place?
Where does the production of services take place?
- In shops, offices, and hospitals (correct)
- In firms and industries
- In agricultural fields and factories
- In schools, colleges, and hotels
What are the four factors of production?
What are the four factors of production?
- Land, labor, machinery, and entrepreneurship
- Land, technology, capital, and entrepreneurship
- Land, labor, capital, and entrepreneurship (correct)
- Land, labor, money, and entrepreneurship
What does the relationship between inputs and output hold the key to?
What does the relationship between inputs and output hold the key to?
- Reducing the level of output
- Maximizing the cost of production
- Decreasing the level of input
- Optimum use of resources (correct)
What is the result of the combined efforts of the factors of production?
What is the result of the combined efforts of the factors of production?
What is the term used to describe the process of producing goods and services?
What is the term used to describe the process of producing goods and services?
What does the law of diminishing marginal product explain?
What does the law of diminishing marginal product explain?
What is the definition of production function?
What is the definition of production function?
In the context of production, what are inputs?
In the context of production, what are inputs?
What does a labor-intensive technology of production involve?
What does a labor-intensive technology of production involve?
How is capital-intensive technology of production characterized?
How is capital-intensive technology of production characterized?
What does the term 'output' refer to in the context of production?
What does the term 'output' refer to in the context of production?
What is the primary goal of every producer in relation to production?
What is the primary goal of every producer in relation to production?
How is technology or method of production defined?
How is technology or method of production defined?
What is the role of a production function in a firm?
What is the role of a production function in a firm?
What do labor and capital represent in the context of production?
What do labor and capital represent in the context of production?
What is the maximum quantity of output that can be produced with given quantities of inputs termed as?
What is the maximum quantity of output that can be produced with given quantities of inputs termed as?
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