Question # 1

Production in economic means

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factors of production

doing some job

output of goods

profit

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

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

Land means

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sea

surface of earth

natural forests

all natural resources

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

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labour force

production

money supply

exports

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

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Rise

Fall

Remain unchanged

Non of the three

Which of the following is NOT an input

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labour

entrepreneurship

natural resources

production

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

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

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

Economic goods produced by firms are called

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productivity

innovation

technological progress

output

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

The supply of perishable goods is.

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Elastic

Inelastic

Perfectly elastic

None of the above

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

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

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