9th Class Economics Chapter 6 Short Questions Online Test English Medium

Question # 1

Ans 1: 1- The entrepreneur decides what, where, how and for whom to be produced.
2- The entrepreneur can combine factors of production without whihc a good cannot be produced.
3- Good managemntof the entrepreneur helps to utilize country's resources most efficiently.

Question # 2

Ans 1: 1- It is a foremost factor of production without which any economic activity is impossible
2- It provides food to the human being. It supplies fruits and vegetables.
3- Agricultural develpment depends on the best qualities of land.
4- Land provides natural resources suc as minerals, lakes mountains, forest, rivers and caals, etc.
5- Fertile and productie land helps in economic development of a country.

Question # 3

Ans 1: Capital generrally refers to the finaicial resoruces, machinery, equipment, and infrastructure uesed in the production of goods or the provision of serices in an economy.
Ans 2: 1- Physical Capital: This includes tangible assets such as buildings, machinery vechicles, tools, and equipment used in production processess.
Ans 3: 2- Financial Capital: Refers to money or funds available for investment in businesses or other ventures.Fincial capital can come from sources such as savings, investmetns, lons, or venture capital
Ans 4: 3- Human Capital: This reprsents the skills, knowledge, expertiese,and abilities of invidiuals that contribute to econmic productivity. Human capital is ofter developed through education training, and expereince.

Question # 4

Ans 1: "The difference betwene the entrepreneur and other fators of production is that land, labour and capital can be hired but the entrepreneur cannot be hired."

Question # 5

Ans 1: Supply and Demand: Chagnes in supply and demandfor a product or service can directly impact its price, for Example, if the supply of a particular product decreases while demand reains constant or increses, the price is likely to rise, Conversely, if supply increase while demand decreases, the price may fall.
Ans 2: 2- Market Sentiment: Investor sentiment and perception of market conditions can affect prices. Positive news or deveopment about a company industyr, or economy may leadto increaseddemand and higher prices, while negative news or uncertainty can result in decreased demand and lower prices.
Ans 3: 3- Economic indicators: Economic indicators such as inflation rates, Unemploymetn levesls, GDP growth,and interest rates can influence market prices, For instance, high inflation may lead to higher prices for goods and services, while lower unemployment and strong economic growth may increase consumer confidence and spending, driving prices up.

Question # 6

Ans 1: Land generally refers to the solid surface of the Earth that is not convered by water It encompases various types of terrain such as plains, mountains, valleys deserts, forest, and more,in a legal context."Land" oftten includes not only the surface of the earth but also everything attached to it, such as buildings, trees, minerals, and water rights. Land is a critical resource for human activities, including agriculture, housing , industry, and recreation.

Question # 7

Ans 1: "Capital is the wealth wich yield an income or aids in the production of an income or is intended to do so".

Question # 8

Ans 1: "Labour " typically refers to the physical or mental exertion that people engage in to produce goods or services. In an economic context, it ofer refers to the work done by individuals in exchagne for wges or salaries. This work can include taskes such as mansufactruing products, providng services,or performing administratiive duteis.

Question # 9

Ans 1: An organization is a strutured group of people working together to achieve common goals or objectives. It can refer to various entities, including busnessess, non -profit organizaions, government egencies, educational institutions, and communitiv arouas

Question # 10

Ans 1: 1-Capital is an essential imput inbig firm.
2- Large amount of capital increases the efficiency of the firm
3- A greatere use of capital increases the pace of agriculture and industrial development.
4- Capital helps in payment of wages.
5- A greater use of capital increases the pace of agrucultrue and industrial develpment.