| 1 |
Land means |
- A. sea
- B. surface of earth
- C. natural forests
- D. all natural resources
|
| 2 |
Price determined in case of a perishable good will be. |
- A. Normal price
- B. Market price
- C. Short run price
- D. Long run price
|
| 3 |
The transformation of resources into economic goods and services is called |
- A. technical efficiency
- B. input
- C. production
- D. increasing returns
|
| 4 |
Natural environment that supports production of goods and services is included in |
- A. labour
- B. money
- C. capital
- D. land
|
| 5 |
When supply rises more than demand price of the product will. |
- A. Rise
- B. Fall
- C. Remain unchanged
- D. Non of the three
|
| 6 |
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
|
| 7 |
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
|
| 8 |
If supply rises more than demand, price of the product will. |
- A. Fall
- B. Rise
- C. Not change
- D. Change
|
| 9 |
Labour is hirable but you cannot hire |
- A. capital
- B. land
- C. manager
- D. entrepreneur
|
| 10 |
Economic goods produced by firms are called |
- A. productivity
- B. innovation
- C. technological progress
- D. output
|
