MCQ
Choose the correct statement
- ✓Implies constant returns to scale
- BIt considers all the factors of production.
- CThe elasticity of substitution between the factors is less than one.
- DIs a non-linear homogeneous production function.
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| a) | India lives in villages | Gandhi |
| b) | Petter diamond | Jobs study |
| c) | NHRM | Rural health |
| d) | RRBS | Regional Rural Bank |
| 1) | Explicit cost | 1) | Book cost |
| 2) | Implicit cost | ii) | External cost |
| 3) | Social cost | iii) | Transfer cost |
| 4) | Opportunity cost | iv) | Money cost |