Question # 1

If supply rises more than demand, price of the product will.

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Fall

Rise

Not change

Change

Price determined in case of a perishable good will be.

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Normal price

Market price

Short run price

Long run price

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

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

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

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

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

The supply of perishable goods is.

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Elastic

Inelastic

Perfectly elastic

None of the above

Labour is hirable but you cannot hire

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capital

land

manager

entrepreneur

Productivity of land can be raised by

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decreasing farm size

intensive cultivation

better marketing

increasing money supply

Which is true

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labour produces land

land produces labour

labour produces capital

capital produces labour

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)

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

For production of goods we need factors

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few

2

4

unlimited

Economic goods produced by firms are called

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productivity

innovation

technological progress

output

Land is

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hirable

not hirable

homogeneous

a form of capital

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Economics Ics Part 1 English Medium Chapter 7 Online Test MCQs With Answers

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