| 1 |
The supply of perishable goods is. |
- A. Elastic
- B. Inelastic
- C. Perfectly elastic
- D. None of the above
|
| 2 |
The transformation of resources into economic goods and services is called |
- A. technical efficiency
- B. input
- C. production
- D. increasing returns
|
| 3 |
Equilibrium price of a product is determined by: |
- A. The gomverment
- B. An industrialist
- C. Market competition
- D. An agriculturist
|
| 4 |
The transformation of resources into economic gods and services is |
- A. input
- B. production
- C. entrepreneur
- D. market
|
| 5 |
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
|
| 6 |
Which of the following factors takes risk, innovates and coordinates |
- A. capital
- B. labour
- C. bank
- D. entrepreneur
|
| 7 |
Which of the following is NOT an input |
- A. labour
- B. entrepreneurship
- C. natural resources
- D. production
|
| 8 |
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
|
| 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 |
Economic goods produced by firms are called |
- A. productivity
- B. innovation
- C. technological progress
- D. output
|
