| 1 |
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
|
| 2 |
When supply rises more than demand price of the product will. |
- A. Rise
- B. Fall
- C. Remain unchanged
- D. Non of the three
|
| 3 |
Land means |
- A. sea
- B. surface of earth
- C. natural forests
- D. all natural resources
|
| 4 |
The following is <i>NOT</i>a factor of production |
- A. labour
- B. entrepreneurship
- C. land
- D. money
|
| 5 |
The transformation of resources into economic goods and services is called |
- A. technical efficiency
- B. input
- C. production
- D. increasing returns
|
| 6 |
Which of the following input factor takes risk, innovates and coordinates |
- A. capital
- B. labour
- C. productivity
- D. entrepreneur
|
| 7 |
Which of the following factors takes risk, innovates and coordinates |
- A. capital
- B. labour
- C. bank
- D. entrepreneur
|
| 8 |
Land as used in economics |
- A. is a free gift of nature
- B. is unlimited in quantity
- C. is not hirable
- D. excludes oceans
|
| 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 |
Which is true |
- A. labour produces land
- B. land produces labour
- C. labour produces capital
- D. capital produces labour
|
