Question # 1

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

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 NOT an input

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labour

entrepreneurship

natural resources

production

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

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

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capital

labour

productivity

entrepreneur

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

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

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Fall

Rise

Not change

Change

Production in economic means

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factors of production

doing some job

output of goods

profit

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

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

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

Geographical mobility is not possible for

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land

labour

capital

wealth

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

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

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labour

money

capital

land

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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Economics Ics Part 1 English Medium Chapter 7 Online Test MCQs With Answers

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