| 1 |
Natural environment that supports production of goods and services is included in |
- A. labour
- B. money
- C. capital
- D. land
|
| 2 |
The three broad types of productive resources are |
- A. money, profit and interest
- B. capital, labour and natural resources
- C. labour, stock shares and deposits
- D. technology, landl and markets
|
| 3 |
Land is |
- A. hirable
- B. not hirable
- C. homogeneous
- D. a form of capital
|
| 4 |
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
|
| 5 |
Economic development of a country requires |
- A. skilled lobour
- B. diplomacy
- C. abundant natural resources
- D. a and c of aboce
|
| 6 |
Economic goods produced by firms are called |
- A. productivity
- B. innovation
- C. technological progress
- D. output
|
| 7 |
Equilibrium price of a product is determined by: |
- A. The gomverment
- B. An industrialist
- C. Market competition
- D. An agriculturist
|
| 8 |
Productivity of land can be raised by |
- A. decreasing farm size
- B. intensive cultivation
- C. better marketing
- D. increasing money supply
|
| 9 |
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
|
| 10 |
Price determined in case of a perishable good will be. |
- A. Normal price
- B. Market price
- C. Short run price
- D. Long run price
|
