Question # 1

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

The transformation of resources into economic gods and services is

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input

production

entrepreneur

market

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

Natural environment that supports production of goods and services is included in

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labour

money

capital

land

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

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

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)

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

Productivity of land can be raised by

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decreasing farm size

intensive cultivation

better marketing

increasing money supply

Economic goods produced by firms are called

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productivity

innovation

technological progress

output

Which of the following is NOT an input

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labour

entrepreneurship

natural resources

production

Geographical mobility is not possible for

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land

labour

capital

wealth

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

An example of natural resource is

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factory

skilled doctor

oil reserves in the ground

oil reserves in storage tank

Land is

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hirable

not hirable

homogeneous

a form of capital

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

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Fall

Rise

Not change

Change

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