Question # 1

Which of the following is NOT an input

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labour

entrepreneurship

natural resources

production

The following is NOTa factor of production

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labour

entrepreneurship

land

money

The supply of perishable goods is.

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Elastic

Inelastic

Perfectly elastic

None of the above

Production in economic means

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factors of production

doing some job

output of goods

profit

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

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labour force

production

money supply

exports

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

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

Land as used in economics

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is a free gift of nature

is unlimited in quantity

is not hirable

excludes oceans

Which of the following factors takes risk, innovates and coordinates

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capital

labour

bank

entrepreneur

Land means

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sea

surface of earth

natural forests

all natural resources

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

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Rise

Fall

Remains unchanged

None of the three

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

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Rise

Fall

Remain unchanged

Non of the three

Long-run price of a durable good is always less than its short run price . it is because.

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Long -run supply is more elastic than short-run supply curve.

Long -run supply is less elastic than short-run supply curve.

Long and short-run supply curves are equally elastic

None of the three

The transformation of resources into economic gods and services is

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input

production

entrepreneur

market

An example of natural resource is

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factory

skilled doctor

oil reserves in the ground

oil reserves in storage tank

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

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

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

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