Economics MCQS with Answers 1st Year
Equilibrium price of a product is determined by:
An agriculturist
Market competition
An industrialist
The gomverment
When supply rises more than demand price of the product will.
Non of the three
Rise
Remain unchanged
Fall
Which of the following is correct with respect to resources
Human skills are a labour input
Entrepreneur is part of the labour input
Money is a capital good
Natural resources include human input
Economic development of a country requires
diplomacy
abundant natural resources
a and c of aboce
skilled lobour
For production of goods we need factors
unlimited
4
2
few
Production in economic means
output of goods
profit
factors of production
doing some job
Which of the following input factor takes risk, innovates and coordinates
entrepreneur
productivity
labour
capital
Land, labour and capital are needed to produce goods. They are collectively called
cost of production
tools of production
elements of production
factors of production
Natural environment that supports production of goods and services is included in
money
land
capital
labour
Which is true
labour produces land
labour produces capital
capital produces labour
land produces labour
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