Question # 1

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

Which of the following is NOT an input

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labour

entrepreneurship

natural resources

production

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

Land, labour and capital are needed to produce goods. They are collectively called

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elements of production

factors of production

tools of production

cost of production

The supply of perishable goods is.

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Elastic

Inelastic

Perfectly elastic

None of the above

The three broad types of productive resources are

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money, profit and interest

capital, labour and natural resources

labour, stock shares and deposits

technology, landl and markets

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

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labour

money

capital

land

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

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

Productivity of land can be raised by

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decreasing farm size

intensive cultivation

better marketing

increasing money supply

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

Land is

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hirable

not hirable

homogeneous

a form of capital

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

The transformation of resources into economic gods and services is

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input

production

entrepreneur

market

The transformation of resources into economic goods and services is called

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technical efficiency

input

production

increasing returns

Land means

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sea

surface of earth

natural forests

all natural resources

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