Question # 1

The supply of perishable goods is.

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Elastic

Inelastic

Perfectly elastic

None of the above

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 goods and services is called

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technical efficiency

input

production

increasing returns

Given the demand curve, a rise in supply will.

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Increase quantity supplied

Price will fall

Price will rise

Both (a) and (b)

An example of natural resource is

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factory

skilled doctor

oil reserves in the ground

oil reserves in storage tank

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

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

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

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capital

labour

productivity

entrepreneur

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

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

Economic goods produced by firms are called

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productivity

innovation

technological progress

output

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

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

Land means

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sea

surface of earth

natural forests

all natural resources

Production in economic means

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factors of production

doing some job

output of goods

profit

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

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Fall

Rise

Not change

Change

Price determined in case of a perishable good will be.

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Normal price

Market price

Short run price

Long run price

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