Question # 1

An example of natural resource is

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factory

skilled doctor

oil reserves in the ground

oil reserves in storage tank

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

Which is true

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labour produces land

land produces labour

labour produces capital

capital produces labour

Which of the following is NOT an input

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labour

entrepreneurship

natural resources

production

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

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

Productivity of land can be raised by

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decreasing farm size

intensive cultivation

better marketing

increasing money supply

For production of goods we need factors

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few

2

4

unlimited

Land, labour and capital are needed to produce goods. They are collectively called

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elements of production

factors of production

tools of production

cost of production

The transformation of resources into economic gods and services is

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input

production

entrepreneur

market

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

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labour force

production

money supply

exports

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

Production in economic means

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factors of production

doing some job

output of goods

profit

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

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capital

labour

productivity

entrepreneur

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

The supply of perishable goods is.

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Elastic

Inelastic

Perfectly elastic

None of the above

The following is NOTa factor of production

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labour

entrepreneurship

land

money

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

Labour is hirable but you cannot hire

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capital

land

manager

entrepreneur

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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