Economics MCQS with Answers 1st Year
Labour is hirable but you cannot hire
manager
capital
land
entrepreneur
Which of the following factors takes risk, innovates and coordinates
bank
labour
entrepreneur
capital
Standard of living of a country can be raised if it increases
exports
money supply
production
labour force
If supply rises more than demand, price of the product will.
Not change
Change
Fall
Rise
An example of natural resource is
factory
skilled doctor
oil reserves in storage tank
oil reserves in the ground
The transformation of resources into economic gods and services is
entrepreneur
input
production
market
When demand rises more than supply price of the product will.
Remains unchanged
None of the three
Fall
Rise
Given the demand curve, a rise in supply will.
Price will fall
Price will rise
Increase quantity supplied
Both (a) and (b)
Geographical mobility is not possible for
wealth
capital
labour
land
Long-run price of a durable good is always less than its short run price . it is because.
None of the three
Long and short-run supply curves are equally elastic
Long -run supply is less elastic than short-run supply curve.
Long -run supply is more elastic than short-run supply curve.
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