DAILY CURRENT AFFAIRS QUIZ – 30 January 2025

Answer: b) Entrepreneur

Explanation: Entrepreneurship, also known as human capital, involves individuals with knowledge and entrepreneurial skills who combine land, labor, and physical capital to produce an output and earn a profit.

Answer: b) Fixed capital

Explanation: Capital includes man-made resources used in production. Fixed capital refers to tools, machines, buildings, etc., that can be used in production over many years.

Answer: d) Labor

Explanation: Labor is the factor of production that includes all efforts of human beings used for the production of goods and services, both physical and mental. The income earned by labor resources is called wages.

Answer: c) Natural resources

Explanation: The factor of production “Land” includes natural resources such as soil, water, forests, minerals, sunlight, wind, and more. The income earned by the owners of land resources is termed as rent.

Answer: b) Land, labor, capital, entrepreneurship

Explanation: The factors of production are land, labor, capital, and entrepreneurship. These inputs are essential for the production of goods and services.