| 1 |
Given the demand curve, a rise in supply will. |
- A. Increase quantity supplied
- B. Price will fall
- C. Price will rise
- D. Both (a) and (b)
|
| 2 |
With a fixed in the market period, if the demand of a product rises, then: |
- A. Price will fall
- B. Price will rise
- C. Price will remain the same
- D. None of the three
|
| 3 |
Which of the following is correct with respect to resources |
- A. Money is a capital good
- B. Human skills are a labour input
- C. Entrepreneur is part of the labour input
- D. Natural resources include human input
|
| 4 |
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
|
| 5 |
Which is true |
- A. labour produces land
- B. land produces labour
- C. labour produces capital
- D. capital produces labour
|
| 6 |
Which of the following factors takes risk, innovates and coordinates |
- A. capital
- B. labour
- C. bank
- D. entrepreneur
|
| 7 |
Which of the following input factor takes risk, innovates and coordinates |
- A. capital
- B. labour
- C. productivity
- D. entrepreneur
|
| 8 |
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
|
| 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 |
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
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