Question # 1

The supply of perishable goods is.

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Elastic

Inelastic

Perfectly elastic

None of the above

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

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

Which of the following factors takes risk, innovates and coordinates

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capital

labour

bank

entrepreneur

The following is NOTa factor of production

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labour

entrepreneurship

land

money

Standard of living of a country can be raised if it increases

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labour force

production

money supply

exports

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

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

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capital

labour

productivity

entrepreneur

Land is

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hirable

not hirable

homogeneous

a form of capital

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 transformation of resources into economic gods and services is

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input

production

entrepreneur

market

For production of goods we need factors

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few

2

4

unlimited

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

Geographical mobility is not possible for

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land

labour

capital

wealth

An example of natural resource is

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factory

skilled doctor

oil reserves in the ground

oil reserves in storage tank

The transformation of resources into economic goods and services is called

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technical efficiency

input

production

increasing returns

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

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labour

money

capital

land

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