| 1 |
Production in economic means |
- A. factors of production
- B. doing some job
- C. output of goods
- D. profit
|
| 2 |
The supply of perishable goods is. |
- A. Elastic
- B. Inelastic
- C. Perfectly elastic
- D. None of the above
|
| 3 |
Natural environment that supports production of goods and services is included in |
- A. labour
- B. money
- C. capital
- D. land
|
| 4 |
Labour is hirable but you cannot hire |
- A. capital
- B. land
- C. manager
- D. entrepreneur
|
| 5 |
Productivity of land can be raised by |
- A. decreasing farm size
- B. intensive cultivation
- C. better marketing
- D. increasing money supply
|
| 6 |
Economic development of a country requires |
- A. skilled lobour
- B. diplomacy
- C. abundant natural resources
- D. a and c of aboce
|
| 7 |
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
|
| 8 |
The transformation of resources into economic gods and services is |
- A. input
- B. production
- C. entrepreneur
- D. market
|
| 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 |
Standard of living of a country can be raised if it increases |
- A. labour force
- B. production
- C. money supply
- D. exports
|
