| 1 |
The relationship between price and quantity supplied is: |
- A. Inverse
- B. Positive
- C. Infinite
- D. Zero
|
| 2 |
Stock means the quantity: |
- A. Sold in market
- B. Which is offered for sale
- C. Which exist in warehouse
- D. Of total production
|
| 3 |
In economics, every mental or physical struggle undertaken for reward, is called |
- A. Land
- B. Labour
- C. Capital
- D. Organization
|
| 4 |
Tractor, harvester, thrasher etc are the examples of factor of production |
- A. Land
- B. Labour
- C. Capital
- D. Organization
|
| 5 |
The factor which is needed to produce goods by the combination of land, labour and capital is called |
- A. Land
- B. Labour
- C. Capital
- D. Organization
|
| 6 |
Production of a commodity depends upon four factors of production i.e. land, labour, capital and organization |
- A. According to classical economists
- B. According to Neo classical economists
- C. According to modern economists
- D. According to Austrian school of thought
|
| 7 |
If 30% change in supply in response to 50% change in price then: |
- A. Es = 0
- B. Es = 1
- C. Es > 1
- D. Es < 1
|
| 8 |
The most important and basic factor of production is |
- A. Land
- B. Labour
- C. Capital
- D. Organization
|
| 9 |
Second factor of production is |
- A. Land
- B. Labour
- C. Capital
- D. Organization
|
| 10 |
If quantity supplied changed in response to change in price, is known as: |
- A. Ed
- B. Es
- C. More Elastic
- D. Less Elastic
|
