Elements of Economic Development

Q.

What are the factors of production? Which is the most important and why?

Q. According to World Development Report $2019$, India comes in the category of ______.

1. High middle-income countries
2. High-income countries
3. Low-income countries
4. Low middle-income countries

Q. Which of the following economists defined economic development as an improvement in economic welfare?

1. Prof. Colin Clark
2. Prof. Meier
3. Alfred Marshall
4. Adam Smith

Q. ___________ is the total value of all goods and services produced in a country in one year.

1. Per capita income
2. Total output
3. National income
4. Purchasing power of money

Q. Why is the increase in prices adjusted to calculate the real national income?

1. To normalise income inequality
2. To reflect the actual purchasing power
3. To eliminate social inequalities
4. To reflect the foreign exchange rate

Q. Hajara is a fashion entreprenuer. Which of the following fall under the entrepreneurial category of factors of production?

1. Sewing skills
2. Workspace
3. Marketing skills
4. Capital for the business

Q. Which of the following is not a factor of production?

1. Land
2. Labour
3. Capital
4. Government

Q. The nations that have witnessed a long-term rise in income are termed as developed. Select them from the list.

1. Singapore
2. Hong Kong
3. India
4. England
5. Germany
6. USA
7. Canada
8. Pakistan

Q. Isa is in the process of setting up a chocolate factory. He sets it up in a shed and has money to run the business. Which of the following factors of production does Isa lack?

1. Land
2. Labour
3. Capital
4. Entrepreurship