| 1 |
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
|
| 2 |
The transformation of resources into economic gods and services is |
- A. input
- B. production
- C. entrepreneur
- D. market
|
| 3 |
The transformation of resources into economic goods and services is called |
- A. technical efficiency
- B. input
- C. production
- D. increasing returns
|
| 4 |
Land means |
- A. sea
- B. surface of earth
- C. natural forests
- D. all natural resources
|
| 5 |
Labour is hirable but you cannot hire |
- A. capital
- B. land
- C. manager
- D. entrepreneur
|
| 6 |
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
|
| 7 |
Price determined in case of a perishable good will be. |
- A. Normal price
- B. Market price
- C. Short run price
- D. Long run price
|
| 8 |
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
|
| 9 |
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
|
| 10 |
Economic goods produced by firms are called |
- A. productivity
- B. innovation
- C. technological progress
- D. output
|
