| 1 |
Standard of living of a country can be raised if it increases |
- A. labour force
- B. production
- C. money supply
- D. exports
|
| 2 |
Given the supply curve, a fall in demand will. |
- A. Increase equilibrium quantity of the product
- B. Decrease equilibrium quantity of the product
- C. Not affect equilibrium quantity
- D. Not affect equilibrium price
|
| 3 |
Economic goods produced by firms are called |
- A. productivity
- B. innovation
- C. technological progress
- D. output
|
| 4 |
Land, labour and capital are needed to produce goods. They are collectively called |
- A. elements of production
- B. factors of production
- C. tools of production
- D. cost of production
|
| 5 |
Which of the following factors takes risk, innovates and coordinates |
- A. capital
- B. labour
- C. bank
- D. entrepreneur
|
| 6 |
When both demand and supply fall in equal proportions, price of the product will . |
- A. Fall
- B. Rise
- C. Remain the same
- D. None of the above
|
| 7 |
Which of the following is NOT an input |
- A. labour
- B. entrepreneurship
- C. natural resources
- D. production
|
| 8 |
An example of natural resource is |
- A. factory
- B. skilled doctor
- C. oil reserves in the ground
- D. oil reserves in storage tank
|
| 9 |
If a firm increases the ratio of capital to labour, it becomes more |
- A. labour intensive
- B. capital intensive
- C. output intensive
- D. input intensive
|
| 10 |
Land is |
- A. hirable
- B. not hirable
- C. homogeneous
- D. a form of capital
|
