Economics MCQS with Answers 1st Year
Land as used in economics
is unlimited in quantity
is a free gift of nature
is not hirable
excludes oceans
If the government supplies a product at a price less than the equilibrium price, it will create:
Equilibrium quantity
Surlius
Non of the two
Shortage
Productivity of land can be raised by
decreasing farm size
increasing money supply
better marketing
intensive cultivation
The transformation of resources into economic goods and services is called
production
technical efficiency
increasing returns
input
The three broad types of productive resources are
money, profit and interest
technology, landl and markets
capital, labour and natural resources
labour, stock shares and deposits
If a firm increases the ratio of capital to labour, it becomes more
capital intensive
labour intensive
output intensive
input intensive
Google Ads