Economics MCQS with Answers 1st Year
Economic goods produced by firms are called
technological progress
output
productivity
innovation
The supply of perishable goods is.
Perfectly elastic
Inelastic
Elastic
None of the above
Price determined in case of a perishable good will be.
Short run price
Market price
Long run price
Normal price
Land is
not hirable
a form of capital
hirable
homogeneous
With a fixed in the market period, if the demand of a product rises, then:
None of the three
Price will rise
Price will fall
Price will remain the same
When both demand and supply fall in equal proportions, price of the product will .
Remain the same
Fall
Rise
None of the above
Which of the following is NOT an input
production
entrepreneurship
labour
natural resources
The following is NOTa factor of production
money
land
labour
entrepreneurship
Land means
natural forests
sea
all natural resources
surface of earth
Given the supply curve, a fall in demand will.
Not affect equilibrium quantity
Not affect equilibrium price
Decrease equilibrium quantity of the product
Increase equilibrium quantity of the product
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