| 1 |
An example of natural resource is |
- A. factory
- B. skilled doctor
- C. oil reserves in the ground
- D. oil reserves in storage tank
|
| 2 |
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
|
| 3 |
Productivity of land can be raised by |
- A. decreasing farm size
- B. intensive cultivation
- C. better marketing
- D. increasing money supply
|
| 4 |
When supply rises more than demand price of the product will. |
- A. Rise
- B. Fall
- C. Remain unchanged
- D. Non of the three
|
| 5 |
The following is <i>NOT</i>a factor of production |
- A. labour
- B. entrepreneurship
- C. land
- D. money
|
| 6 |
The transformation of resources into economic goods and services is called |
- A. technical efficiency
- B. input
- C. production
- D. increasing returns
|
| 7 |
Standard of living of a country can be raised if it increases |
- A. labour force
- B. production
- C. money supply
- D. exports
|
| 8 |
Land is |
- A. hirable
- B. not hirable
- C. homogeneous
- D. a form of capital
|
| 9 |
Long-run price of a durable good is always less than its short run price . it is because. |
- A. Long -run supply is more elastic than short-run supply curve.
- B. Long -run supply is less elastic than short-run supply curve.
- C. Long and short-run supply curves are equally elastic
- D. None of the three
|
| 10 |
Equilibrium price of a product is determined by: |
- A. The gomverment
- B. An industrialist
- C. Market competition
- D. An agriculturist
|
