Question # 1

For production of goods we need factors

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few

2

4

unlimited

Labour is hirable but you cannot hire

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capital

land

manager

entrepreneur

Production in economic means

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factors of production

doing some job

output of goods

profit

Land as used in economics

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is a free gift of nature

is unlimited in quantity

is not hirable

excludes oceans

Productivity of land can be raised by

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decreasing farm size

intensive cultivation

better marketing

increasing money supply

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

The transformation of resources into economic gods and services is

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input

production

entrepreneur

market

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

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

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Rise

Fall

Remains unchanged

None of the three

An example of natural resource is

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factory

skilled doctor

oil reserves in the ground

oil reserves in storage tank

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

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labour force

production

money supply

exports

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

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

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

Land is

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hirable

not hirable

homogeneous

a form of capital

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