Crop Production Quiz

The most abundant factor of production is:

• Labour

• Land

• Machinery

• All of the above

Working capital stands for:

• Tools, Machines and buildings

• Raw materials and money in hand

• Total share capital

• Fixed deposits in financial institutions

--------- capital is used once in production whereas----- capital can used for long time.

• Raw material, machine

• Fixed, working

• Variable, Fixed

• Land, labour

Iron ore, forest, water etc. are the example of which factors of production?

• Labour

• Land

• Capital

• Natural resource

Which of the following statements about factors of production is FALSE?

• The term factor of production is another term for resources

• The factor of production termed labour means human resources

• The factor of production land means a natural resource

• The factor of production termed capital means the money which the owner needs in order to set their firms up

Which of the following is NOT an effect of the modern farming?

• Soil degradation

• Deforestation

• Decrease in groundwater

• Water pollution

The term used to describe the way a nation provides for the needs and wants of its people

•   Resources 

•   Economy

• Factors of production

• Infrastructure

The quantity demanded is

• The amount of a good that consumers plan to purchase at a particular price.

• Independent of the price of the good.

• Independent of consumers' buying plans.

• Always equal to the equilibrium quantity

The law of demand states that, other things remaining the same, the higher the price of a good, the

• Smaller is the demand for the good.

• Smaller is the quantity of the good demanded.

• Larger is the quantity of the good demanded.

• ) Larger is the demand for the good.

Which of the following is consistent with the law of demand?

• A decrease in the price of a gallon of milk causes a decrease in the quantity of milk demanded.

• An increase in the price of cabbage causes decrease in the quantity of cabbage demanded.

• An increase in the price of a tape causes an increase in the quantity of tapes demanded.

• A decrease in the price of juice causes no change in the quantity of juice demanded.