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Micheal Vaz solutions for 12th Board Exam Economics chapter 7 - Factors of Production

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Micheal Vaz Micheal Vaz Class 12 Economics

Micheal Vaz Class 12 Economics - Shaalaa.com

Chapter 7: Factors of Production

Exercise

Chapter 7: Factors of Production Exercise Exercise solutions [Page 60]

Exercise | Q 1.1 | Page 60

Fill in the blank with appropriate alternative given below

Land is subject to ___________ returns.

  • increasing

  • constant

  • diminishing

  • negative

Exercise | Q 1.2 | Page 60

Fill in the blank with appropriate alternative given below

______________ is regarded as primary factor of production.

  • Land

  • Labour

  • Capital

  • Entrepreneur

Exercise | Q 1.3 | Page 60

Fill in the blank with appropriate alternative given below

Capital is a __________ factor of production.

  • real

  • artificial

  • natural

  • free

Exercise | Q 1.4 | Page 60

Fill in the blank with appropriate alternative given below

Land is a free gift of _______________. 

  • nature

  • human

  • foreign

  • nation

Exercise | Q 1.5 | Page 60

Fill in the blank with appropriate alternative given below

__________ is a leader of organisation. 

  • A capitalist

  • A consumer

  • A seller

  • An organizer

Exercise | Q 2 | Page 60

Match the following:

Group A
Group B
1. Production
a. Profit
2. Land
b. Captain of industry
3. Labour
c. Creating utility
4. Reward of capital
d. Rent
5. Reward of entrepreneur
e. Interest
 
f. Wages
Exercise | Q 3.1 | Page 60

State whether the following statement is TRUE and FALSE.

Demand for labour is direct demand.

  • True

  • False

Exercise | Q 3.2 | Page 60

State whether the following statement is TRUE and FALSE.

Labour and labourer are inseparable.

  • True

  • False

Exercise | Q 3.3 | Page 60

State whether the following statement is TRUE and FALSE.

Labour cannot be stored.

  • True

  • False

Exercise | Q 3.4 | Page 60

State whether the following statement is TRUE and FALSE.

Capital is a natural factor of production.

  • True

  • False

Exercise | Q 3.5 | Page 60

State whether the following statement is TRUE and FALSE.

Land is a free gift of nature.

  • True

  • False

Chapter 7: Factors of Production Exercise Exercise solutions [Page 60]

Exercise | Q 1.1 | Page 60

Define or explain the following concept:

Entrepreneur

Exercise | Q 1.2 | Page 60

Define or explain the following concept:

Variable capital

Exercise | Q 1.3 | Page 60

Define or explain the following concept:

Labour

Exercise | Q 1.4 | Page 60

Define or explain the following concept:

Land

Exercise | Q 1.5 | Page 60

Define or explain the following concept:

Capital

Exercise | Q 2.1 | Page 60

Give reason or explain:

The entrepreneur is called a leader of the organization.

Exercise | Q 2.2 | Page 60

Give reason or explain:

Labour cannot be stored.

Exercise | Q 2.3 | Page 60

Give reason or explain:

The supply of land is inelastic.

Exercise | Q 2.4 | Page 60

Give reason or explain:

Raw material is considered as a variable capital.

Chapter 7: Factors of Production Exercise Exercise solutions [Page 61]

Exercise | Q 1.1 | Page 61

Distinguish between the following:

Land and capital

Exercise | Q 1.2 | Page 61

Distinguish between the following:

Fixed capital and variable capital

Exercise | Q 1.3 | Page 61

Distinguish between the following:

Insurable risk and non-insurable risk

Exercise | Q 1.4 | Page 61

Distinguish between the following:

Labour and entrepreneur

Exercise | Q 2.1 | Page 61

Write short note on the following:

Qualities of an entrepreneur

Exercise | Q 2.2 | Page 61

Write short note on the following:

Types of capital

Chapter 7: Factors of Production Exercise Exercise solutions [Page 61]

Exercise | Q 1 | Page 61

Answer the following question.
What are the peculiarities of land?

Exercise | Q 2 | Page 61

Answer the following question.
What are the features of labour?

Exercise | Q 3 | Page 61

Answer the following question.
What are the features of capital?

Chapter 7: Factors of Production Exercise Exercise solutions [Page 61]

Exercise | Q 1 | Page 61

State with reason whether you agree or disagree with the following statement.
Profit is a reward for bearing risk only.

Exercise | Q 2 | Page 61

State with reason whether you agree or disagree with the following statement.
Labour is a perishable factor of production.

Exercise | Q 3 | Page 61

State with reason whether you agree or disagree with the following statement.
All risks are insurable.

Exercise | Q 4 | Page 61

State with reason whether you agree or disagree with the following statement.
Supply of land is fixed.

Chapter 7: Factors of Production Exercise Exercise solutions [Page 61]

Exercise | Q 1 | Page 61

Answer in detail
Entrepreneur is the 'captain of an industry', explain.

Exercise | Q 2 | Page 61

Answer in detail
Explain in detail the functions of an entrepreneur.

Chapter 7: Factors of Production

Exercise

Micheal Vaz Micheal Vaz Class 12 Economics

Micheal Vaz Class 12 Economics - Shaalaa.com

Micheal Vaz solutions for 12th Board Exam Economics chapter 7 - Factors of Production

Micheal Vaz solutions for 12th Board Exam Eco chapter 7 (Factors of Production) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Shaalaa.com has the Maharashtra State Board Micheal Vaz Class 12 Economics solutions in a manner that help students grasp basic concepts better and faster.

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Concepts covered in 12th Board Exam Economics chapter 7 Factors of Production are Factors of Production - Land, Factors of Production - Labour, Factors of Production - Capital, Factors of Production - Feature of Capital, Factors of Production - Organisation.

Using Micheal Vaz 12th Board Exam solutions Factors of Production exercise by students are an easy way to prepare for the exams, as they involve solutions arranged chapter-wise also page wise. The questions involved in Micheal Vaz Solutions are important questions that can be asked in the final exam. Maximum students of Maharashtra State Board 12th Board Exam prefer Micheal Vaz Textbook Solutions to score more in exam.

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