| 1 |
If the government supplies a product at a price less than the equilibrium price, it will create: |
- A. Shortage
- B. Surlius
- C. Non of the two
- D. Equilibrium quantity
|
| 2 |
Economic development of a country requires |
- A. skilled lobour
- B. diplomacy
- C. abundant natural resources
- D. a and c of aboce
|
| 3 |
For production of goods we need factors |
- A. few
- B. 2
- C. 4
- D. unlimited
|
| 4 |
If supply rises more than demand, price of the product will. |
- A. Fall
- B. Rise
- C. Not change
- D. Change
|
| 5 |
Land as used in economics |
- A. is a free gift of nature
- B. is unlimited in quantity
- C. is not hirable
- D. excludes oceans
|
| 6 |
The following is <i>NOT</i>a factor of production |
- A. labour
- B. entrepreneurship
- C. land
- D. money
|
| 7 |
Which of the following input factor takes risk, innovates and coordinates |
- A. capital
- B. labour
- C. productivity
- D. entrepreneur
|
| 8 |
Which of the following factors takes risk, innovates and coordinates |
- A. capital
- B. labour
- C. bank
- D. entrepreneur
|
| 9 |
The transformation of resources into economic goods and services is called |
- A. technical efficiency
- B. input
- C. production
- D. increasing returns
|
| 10 |
Labour is hirable but you cannot hire |
- A. capital
- B. land
- C. manager
- D. entrepreneur
|
