| 1 |
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
|
| 2 |
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
|
| 3 |
Productivity of land can be raised by |
- A. decreasing farm size
- B. intensive cultivation
- C. better marketing
- D. increasing money supply
|
| 4 |
The following is <i>NOT</i>a factor of production |
- A. labour
- B. entrepreneurship
- C. land
- D. money
|
| 5 |
The three broad types of productive resources are |
- A. money, profit and interest
- B. capital, labour and natural resources
- C. labour, stock shares and deposits
- D. technology, landl and markets
|
| 6 |
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
|
| 7 |
Labour is hirable but you cannot hire |
- A. capital
- B. land
- C. manager
- D. entrepreneur
|
| 8 |
Natural environment that supports production of goods and services is included in |
- A. labour
- B. money
- C. capital
- D. land
|
| 9 |
Which of the following is NOT an input |
- A. labour
- B. entrepreneurship
- C. natural resources
- D. production
|
| 10 |
The supply of perishable goods is. |
- A. Elastic
- B. Inelastic
- C. Perfectly elastic
- D. None of the above
|
