| 1 |
The following is <i>NOT</i>a factor of production |
- A. labour
- B. entrepreneurship
- C. land
- D. money
|
| 2 |
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
|
| 3 |
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
|
| 4 |
Production in economic means |
- A. factors of production
- B. doing some job
- C. output of goods
- D. profit
|
| 5 |
Long-run price of a durable good is always less than its short run price . it is because. |
- A. Long -run supply is more elastic than short-run supply curve.
- B. Long -run supply is less elastic than short-run supply curve.
- C. Long and short-run supply curves are equally elastic
- D. None of the three
|
| 6 |
Which of the following input factor takes risk, innovates and coordinates |
- A. capital
- B. labour
- C. productivity
- D. entrepreneur
|
| 7 |
Productivity of land can be raised by |
- A. decreasing farm size
- B. intensive cultivation
- C. better marketing
- D. increasing money supply
|
| 8 |
Labour is hirable but you cannot hire |
- A. capital
- B. land
- C. manager
- D. entrepreneur
|
| 9 |
For production of goods we need factors |
- A. few
- B. 2
- C. 4
- D. unlimited
|
| 10 |
With a fixed in the market period, if the demand of a product rises, then: |
- A. Price will fall
- B. Price will rise
- C. Price will remain the same
- D. None of the three
|
