Question # 1

Which of the following is correct with respect to resources

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Money is a capital good

Human skills are a labour input

Entrepreneur is part of the labour input

Natural resources include human input

Labour is hirable but you cannot hire

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capital

land

manager

entrepreneur

The following is NOTa factor of production

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labour

entrepreneurship

land

money

Given the supply curve, a fall in demand will.

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Increase equilibrium quantity of the product

Decrease equilibrium quantity of the product

Not affect equilibrium quantity

Not affect equilibrium price

Given the demand curve, a rise in supply will.

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Increase quantity supplied

Price will fall

Price will rise

Both (a) and (b)

The supply of perishable goods is.

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Elastic

Inelastic

Perfectly elastic

None of the above

If the government supplies a product at a price less than the equilibrium price, it will create:

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Shortage

Surlius

Non of the two

Equilibrium quantity

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

Which is true

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labour produces land

land produces labour

labour produces capital

capital produces labour

Which of the following is NOT an input

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labour

entrepreneurship

natural resources

production

Productivity of land can be raised by

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decreasing farm size

intensive cultivation

better marketing

increasing money supply

Natural environment that supports production of goods and services is included in

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labour

money

capital

land

Price determined in case of a perishable good will be.

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Normal price

Market price

Short run price

Long run price

The transformation of resources into economic gods and services is

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input

production

entrepreneur

market

With a fixed in the market period, if the demand of a product rises, then:

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Price will fall

Price will rise

Price will remain the same

None of the three

The transformation of resources into economic goods and services is called

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technical efficiency

input

production

increasing returns

If a firm increases the ratio of capital to labour, it becomes more

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labour intensive

capital intensive

output intensive

input intensive

Economic goods produced by firms are called

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productivity

innovation

technological progress

output

Production in economic means

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factors of production

doing some job

output of goods

profit

Which of the following input factor takes risk, innovates and coordinates

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capital

labour

productivity

entrepreneur

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