Question # 1

Geographical mobility is not possible for

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land

labour

capital

wealth

Which of the following is NOT an input

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labour

entrepreneurship

natural resources

production

Price determined in case of a perishable good will be.

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Normal price

Market price

Short run price

Long run price

Land means

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sea

surface of earth

natural forests

all natural resources

The transformation of resources into economic goods and services is called

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technical efficiency

input

production

increasing returns

When supply rises more than demand price of the product will.

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Rise

Fall

Remain unchanged

Non of the three

Labour is hirable but you cannot hire

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capital

land

manager

entrepreneur

An example of natural resource is

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factory

skilled doctor

oil reserves in the ground

oil reserves in storage tank

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

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

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labour force

production

money supply

exports

Which of the following input factor takes risk, innovates and coordinates

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capital

labour

productivity

entrepreneur

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

Productivity of land can be raised by

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decreasing farm size

intensive cultivation

better marketing

increasing money supply

The supply of perishable goods is.

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Elastic

Inelastic

Perfectly elastic

None of the above

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

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Fall

Rise

Not change

Change

With a fixed in the market period, if the demand of a product rises, then:

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Price will fall

Price will rise

Price will remain the same

None of the three

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

For production of goods we need factors

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few

2

4

unlimited

Production in economic means

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factors of production

doing some job

output of goods

profit

Land as used in economics

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is a free gift of nature

is unlimited in quantity

is not hirable

excludes oceans

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