Question # 1

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

When supply rises more than demand price of the product will.

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Rise

Fall

Remain unchanged

Non of the three

Economic goods produced by firms are called

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productivity

innovation

technological progress

output

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

Geographical mobility is not possible for

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land

labour

capital

wealth

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

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labour

money

capital

land

When both demand and supply fall in equal proportions, price of the product will .

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Fall

Rise

Remain the same

None of the above

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

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capital

labour

productivity

entrepreneur

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

Production in economic means

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factors of production

doing some job

output of goods

profit

The transformation of resources into economic goods and services is called

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technical efficiency

input

production

increasing returns

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

The supply of perishable goods is.

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Elastic

Inelastic

Perfectly elastic

None of the above

Which of the following factors takes risk, innovates and coordinates

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capital

labour

bank

entrepreneur

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)

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

Labour is hirable but you cannot hire

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capital

land

manager

entrepreneur

An example of natural resource is

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factory

skilled doctor

oil reserves in the ground

oil reserves in storage tank

For production of goods we need factors

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few

2

4

unlimited

Land is

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hirable

not hirable

homogeneous

a form of capital

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