| 1 |
If the government supplies a product at a price less than the equilibrium price, it will create: |
- A. Shortage
- B. Surlius
- C. Non of the two
- D. Equilibrium quantity
|
| 2 |
Economic goods produced by firms are called |
- A. productivity
- B. innovation
- C. technological progress
- D. output
|
| 3 |
When supply rises more than demand price of the product will. |
- A. Rise
- B. Fall
- C. Remain unchanged
- D. Non of the three
|
| 4 |
Natural environment that supports production of goods and services is included in |
- A. labour
- B. money
- C. capital
- D. land
|
| 5 |
If a firm increases the ratio of capital to labour, it becomes more |
- A. labour intensive
- B. capital intensive
- C. output intensive
- D. input intensive
|
| 6 |
Price determined in case of a perishable good will be. |
- A. Normal price
- B. Market price
- C. Short run price
- D. Long run price
|
| 7 |
Economic development of a country requires |
- A. skilled lobour
- B. diplomacy
- C. abundant natural resources
- D. a and c of aboce
|
| 8 |
Land means |
- A. sea
- B. surface of earth
- C. natural forests
- D. all natural resources
|
| 9 |
Land is |
- A. hirable
- B. not hirable
- C. homogeneous
- D. a form of capital
|
| 10 |
The transformation of resources into economic gods and services is |
- A. input
- B. production
- C. entrepreneur
- D. market
|
