| 1 |
The supply of perishable goods is. |
- A. Elastic
- B. Inelastic
- C. Perfectly elastic
- D. None of the above
|
| 2 |
Which of the following factors takes risk, innovates and coordinates |
- A. capital
- B. labour
- C. bank
- D. entrepreneur
|
| 3 |
Land, labour and capital are needed to produce goods. They are collectively called |
- A. elements of production
- B. factors of production
- C. tools of production
- D. cost of production
|
| 4 |
Natural environment that supports production of goods and services is included in |
- A. labour
- B. money
- C. capital
- D. land
|
| 5 |
Productivity of land can be raised by |
- A. decreasing farm size
- B. intensive cultivation
- C. better marketing
- D. increasing money supply
|
| 6 |
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
|
| 7 |
Price determined in case of a perishable good will be. |
- A. Normal price
- B. Market price
- C. Short run price
- D. Long run price
|
| 8 |
Standard of living of a country can be raised if it increases |
- A. labour force
- B. production
- C. money supply
- D. exports
|
| 9 |
When demand rises more than supply price of the product will. |
- A. Rise
- B. Fall
- C. Remains unchanged
- D. None of the three
|
| 10 |
If supply rises more than demand, price of the product will. |
- A. Fall
- B. Rise
- C. Not change
- D. Change
|
