The concept of 'Data as a Factor of Production' suggests that:
A. Data has no productive value
B. Data has become a key input in production processes alongside labour, capital and land
C. Only traditional factors matter
D. Data is only a consumption good
Answer: Option B
Solution (By JKSSB Mock Tests)
In the digital economy, data is increasingly recognised as a critical factor of production that enables personalisation, prediction, optimisation and the creation of new products and services.
Explanation:
Barter refers to exchange without money. Market structures based on competition are perfect competition, monopolistic competition, oligopoly and monopoly.
Explanation:
India adopted a mixed economy framework where both public and private sectors coexist, with the government playing a regulatory and developmental role.
Explanation:
Classical theory assumes that the economy always tends towards full employment through flexible wages and prices. Underemployment equilibrium and liquidity trap are Keynesian concepts.
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