Question : The remuneration of the entrepreneur in production is
Option 1: pure profit
Option 2: gross profit
Option 3: net profit
Option 4: super-normal profit
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Correct Answer: net profit
Solution : The correct answer is net profit.
There are four factors of production in an economy. They are land, labour, capital and entrepreneurship. Remuneration from land is revenue, labour remuneration is wages, capital gets interest and entrepreneurs earn net profit. These are the building blocks of an economy.
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Question : If the value of gross fiscal deficit is more than net interest liabilities, the value of gross primary deficit will be _____.
Option 1: positive
Option 2: zero
Option 3: infinity
Option 4: negative
Question : ______ is the market value of all final goods and services produced within a domestic territory of a country measured in a year.
Option 1: Gross margin
Option 2: Gross Domestic Product (GDP)
Option 3: Net National Product (NNP)
Option 4: Gross National Product (GNP)
Question : Directions: Arrange the following words as per order in the dictionary. 1. Billian 2. Bifurcate 3. Bilateral 4. Bilirubin
Option 1: 2, 1, 3, 4
Option 2: 4, 3, 2, 1
Option 3: 2, 3, 4, 1
Option 4: 2, 3, 1, 4
Question : Directions: Which one of the given responses will be a meaningful order of the following? 1. Key 2. Door 3. Lock 4. Room
Option 1: 4, 2, 1, 3
Option 2: 1, 2, 3, 4
Option 3: 1, 3, 2, 4
Option 4: 1, 2, 4, 3
Question : Statement 1: Richard defined entrepreneur as the agent who buys means of production at certain prices in order to sell the produce at uncertain prices in the future. Statement 2: Entrepreneurship is a systematic, purposeful activity of identifying a need.
Option 1: Both are true
Option 2: Both are false
Option 3: Statement 1 is true and statement 2 is false.
Option 4: Statement 1 is false and statement 2 is true.
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