| 1 |
For production of goods we need factors |
- A. few
- B. 2
- C. 4
- D. unlimited
|
| 2 |
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
|
| 3 |
Economic goods produced by firms are called |
- A. productivity
- B. innovation
- C. technological progress
- D. output
|
| 4 |
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
|
| 5 |
Which of the following input factor takes risk, innovates and coordinates |
- A. capital
- B. labour
- C. productivity
- D. entrepreneur
|
| 6 |
An example of natural resource is |
- A. factory
- B. skilled doctor
- C. oil reserves in the ground
- D. oil reserves in storage tank
|
| 7 |
The transformation of resources into economic goods and services is called |
- A. technical efficiency
- B. input
- C. production
- D. increasing returns
|
| 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 |
Productivity of land can be raised by |
- A. decreasing farm size
- B. intensive cultivation
- C. better marketing
- D. increasing money supply
|
