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WorksheetsTopic 1 - Microeconomics
Total questions: 7
Worksheet time: 35mins
Which of the following is NOT the elasticity of land supply
Inelastic
Elastic
Perfectly inelastic
Super elastic
Which of the following is NOT the characteristics of a property?
Divisible
Longevity
Unique
Durable
Which of the following is NOT the factor of production?
Land
Money
Capital
Labours
Which of the following statement is FALSE?
When the land supply is perfectly inelastic, all earning from the land is economic rent.
When the land supply is inelastic, the land rent has two components - transfer earning and economic rent.
When the land supply is perfectly inelastic, the opportunity cost is zero.
When the land supply is elastic, all earning from the land is economic rent.
Why the land supply for a particular use is not perfectly inelastic?
Because demand for land is low for particular land use.
Because the land uses will go to the optimum use.
Because land uses can only have single use.
Because time affect the demand of land.
Which of the following is NOT the factor affecting the timing of redevelopment
Tenure
Statutory rights
Developer's planning
Landowner's inertia
Which of the following is NOT economist's study?
Scarcity
Benefit
Choices
Incentives
