Production

Samacheer Book Back Questions And Answers For Economy Standard 7 Term 1 “Production”

I. Choose the correct answer:
1. Production refers to
(a) destruction of utility
(b) creation of utilities
(c) exchange value
(d) none of these

2. Utilities are in the nature of
(a) form utility
(b) time utility
(c) place utility
(d) all of these

3. _____is carried out by extractive industries.
(a) Secondary production
(b) Primary production
(c) Tertiary production
(d) Service production

4. Primary factors are
(a) land, capital
(b) capital, labour
(c) land, labour
(d) none of these

5. The entrepreneur is also called
(a) exchanger
(b) Agent
(c) organizer
(d) communicator

II. Fill in the Blanks:
1. ________ means want satisfying power of a product.
2. Derived factors are _____ and ______
3. ________ is a fixed in supply.
4. ________ is the human input into the production process.
5. ________ is the man made physical goods used to produce other goods and services.

Answer:
1. Utility
2. Capital, Organization
3. Land
4. Labour
5. Capital

III. Match the following:
1. Primary production       A. Adamsmith
2. Time utility                    B. Fishing, mining
3. Wealth of nation           C. Entrepreneur
4. Human capital               D. Stored for future
5. Innovator                       E. Education, health

Answer:
1. B
2. D
3. A
4. E
5. C