| 1 |
Natural environment that supports production of goods and services is included in |
- A. labour
- B. money
- C. capital
- D. land
|
| 2 |
The supply of perishable goods is. |
- A. Elastic
- B. Inelastic
- C. Perfectly elastic
- D. None of the above
|
| 3 |
Given the supply curve, a fall in demand will. |
- A. Increase equilibrium quantity of the product
- B. Decrease equilibrium quantity of the product
- C. Not affect equilibrium quantity
- D. Not affect equilibrium price
|
| 4 |
Which of the following is NOT an input |
- A. labour
- B. entrepreneurship
- C. natural resources
- D. production
|
| 5 |
If supply rises more than demand, price of the product will. |
- A. Fall
- B. Rise
- C. Not change
- D. Change
|
| 6 |
Land means |
- A. sea
- B. surface of earth
- C. natural forests
- D. all natural resources
|
| 7 |
The following is <i>NOT</i>a factor of production |
- A. labour
- B. entrepreneurship
- C. land
- D. money
|
| 8 |
Which of the following is correct with respect to resources |
- A. Money is a capital good
- B. Human skills are a labour input
- C. Entrepreneur is part of the labour input
- D. Natural resources include human input
|
| 9 |
Equilibrium price of a product is determined by: |
- A. The gomverment
- B. An industrialist
- C. Market competition
- D. An agriculturist
|
| 10 |
Given the demand curve, a rise in supply will. |
- A. Increase quantity supplied
- B. Price will fall
- C. Price will rise
- D. Both (a) and (b)
|
