1 |
When price decreases, supply: |
- A. Contracts
- B. Expands
- C. Remains fixed
- D. Becomes zero
|
2 |
Blessings like air, rain existing on land are included in factor of production |
- A. Labour or human resources
- B. Capital or monetary resources
- C. Land or natural resources
- D. Organisation
|
3 |
If 50% change in supply in response to 50% change in price then: |
- A. Es = 0
- B. Es = 1
- C. Es > 1
- D. Es < 1
|
4 |
Which factor has no pre-determined reward |
- A. Land
- B. Labour
- C. Capital
- D. Organization
|
5 |
Factor of production which is used to earn more income, is called |
- A. Land
- B. Labour
- C. Capital
- D. Organization
|
6 |
Which factor can not be stored |
- A. Land
- B. Labour
- C. Capital
- D. Organization
|
7 |
Perfectly inelastic supply curve is: |
- A. Vertical
- B. Rise upward
- C. Horizontal
- D. Fall downward
|
8 |
If price increases but supply remains constant, it is called: |
- A. Fall in supply
- B. Contraction in supply
- C. Expansion in supply
- D. Rise in supply
|
9 |
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
|
10 |
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
|