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Types of Borrowing

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Question

According to ____________, "An increase in the capital and labour applied in the cultivation of land causes, in general, a less than proportionate increase in the amount of product raised unless it happens to coincide with an improvement in the arts of agriculture".

A

K.E. Boulding

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B

J.B. Say

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C

Alfred Marshall

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D

P.A. Samuelson

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Solution

The correct option is C Alfred Marshall
This raised us to the knowledge of the diminishing returns of factor of production, fixity of fixed factor( capital),over utilisation of land results in lesser output

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Q. Fill in the blanks with appropriate alternatives given in the brackets:

i. Land is subject to ___________ returns. (increasing/ constant/ diminishing/ negative)

ii. ______________ is regarded as primary factor of production. (Land/ Labour/ Capital/ Entrepreneur)

iii. Capital is a __________ factor of production. (real/ artificial/ natural/ free)

iv. Land is a free gift of _______________. (nature/ human/ foreign/ nation)

v. __________ is a leader of organisation. (A capitalist/ A consumer/ A seller/ An organizer)

Q. Proportionate increase in all factors of production resulting in a more than proportionate increase in output is a case of ___________.

Q. According to ________, "an increase in some inputs relative to other fixed inputs will, in a given state of technology, cause output to increase but after a point the extra output resulting from the same additions of extra inputs will become less and less"

Q. ________ holds when a proportional increase in all inputs results in an increase in output by less than the proportion.

Q. Which method, according to you, can lead to maximum increase in crop produce in our country in future?
(a) increasing land under cultivation
(b) using more manures and fertilisers
(c) less wastage in storage
(d) using better varieties of crop plants

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