| 1 |
Equilibrium price of a product is determined by: |
- A. The gomverment
- B. An industrialist
- C. Market competition
- D. An agriculturist
|
| 2 |
If supply rises more than demand, price of the product will. |
- A. Fall
- B. Rise
- C. Not change
- D. Change
|
| 3 |
Land is |
- A. hirable
- B. not hirable
- C. homogeneous
- D. a form of capital
|
| 4 |
The supply of perishable goods is. |
- A. Elastic
- B. Inelastic
- C. Perfectly elastic
- D. None of the above
|
| 5 |
Geographical mobility is not possible for |
- A. land
- B. labour
- C. capital
- D. wealth
|
| 6 |
When supply rises more than demand price of the product will. |
- A. Rise
- B. Fall
- C. Remain unchanged
- D. Non of the three
|
| 7 |
The transformation of resources into economic gods and services is |
- A. input
- B. production
- C. entrepreneur
- D. market
|
| 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 |
The transformation of resources into economic goods and services is called |
- A. technical efficiency
- B. input
- C. production
- D. increasing returns
|
| 10 |
An example of natural resource is |
- A. factory
- B. skilled doctor
- C. oil reserves in the ground
- D. oil reserves in storage tank
|
