Question # 1

Economic goods produced by firms are called

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productivity

innovation

technological progress

output

Geographical mobility is not possible for

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land

labour

capital

wealth

Standard of living of a country can be raised if it increases

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labour force

production

money supply

exports

The transformation of resources into economic gods and services is

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input

production

entrepreneur

market

The three broad types of productive resources are

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money, profit and interest

capital, labour and natural resources

labour, stock shares and deposits

technology, landl and markets

For production of goods we need factors

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few

2

4

unlimited

Land is

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hirable

not hirable

homogeneous

a form of capital

If the government supplies a product at a price less than the equilibrium price, it will create:

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Shortage

Surlius

Non of the two

Equilibrium quantity

Given the supply curve, a fall in demand will.

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Increase equilibrium quantity of the product

Decrease equilibrium quantity of the product

Not affect equilibrium quantity

Not affect equilibrium price

Productivity of land can be raised by

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decreasing farm size

intensive cultivation

better marketing

increasing money supply

When both demand and supply fall in equal proportions, price of the product will .

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Fall

Rise

Remain the same

None of the above

If supply rises more than demand, price of the product will.

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Fall

Rise

Not change

Change

Land as used in economics

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is a free gift of nature

is unlimited in quantity

is not hirable

excludes oceans

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

Which is true

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labour produces land

land produces labour

labour produces capital

capital produces labour

If a firm increases the ratio of capital to labour, it becomes more

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labour intensive

capital intensive

output intensive

input intensive

Which of the following is correct with respect to resources

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Money is a capital good

Human skills are a labour input

Entrepreneur is part of the labour input

Natural resources include human input

Labour is hirable but you cannot hire

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capital

land

manager

entrepreneur

The transformation of resources into economic goods and services is called

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technical efficiency

input

production

increasing returns

Long-run price of a durable good is always less than its short run price . it is because.

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Long -run supply is more elastic than short-run supply curve.

Long -run supply is less elastic than short-run supply curve.

Long and short-run supply curves are equally elastic

None of the three

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