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Q.

Choose given statement True/False

The Land is a passive Factor of Production.

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a

True

b

False

answer is A.

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Detailed Solution

The above statement is true.
The land is a passive Factor of Production. It needs other factors of production, especially labour, to be used. There is no supply price of land; it is a gift from nature. It is a fixed factor of production, which means that it is available in a fixed amount; no manpower can alter this. An increase in demand cannot lead to an increase in land supply, or we can say that land supply is perfectly inelastic. It is indestructible; man can only upgrade or degrade it.

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Choose given statement True/FalseThe Land is a passive Factor of Production.