Question # 1

If the rate of change in price and quantity supplied is equal then:

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Es = 0

Es = 1

Es > 1

Es < 1

Second factor of production is

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Land

Labour

Capital

Organization

Which factor has no pre-determined reward

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Land

Labour

Capital

Organization

In modern term, factors of production are called

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Inputs

Productive services

Inputs and productive services

Production of goods and services

Supply curve slope is:

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Positive

Vertical

Negative

Horizontal

If 30% change in supply in response to 50% change in price then:

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Es = 0

Es = 1

Es > 1

Es < 1

Which factor can not be stored

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Land

Labour

Capital

Organization

If an entrepreneur does service, in economics it is called

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Organization

Discipline

Labour

Wage

One of the following is not included in labour

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Teaching of a teacher in a school

Working of a clerk in an office

To follow a case by a lawyer

To look after the child by his mother

Third factor of production is called

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land

labour

capital

organization

The factor of production which is used to produce more wealth or increase income is called

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Land

Labour

Capital

Organization

Production of a commodity depends upon four factors of production i.e. land, labour, capital and organization

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According to classical economists

According to Neo classical economists

According to modern economists

According to Austrian school of thought

If price increases but supply remains constant, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

In economics, every mental or physical struggle undertaken for reward, is called

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Land

Labour

Capital

Organization

One of the following is not included in the characteristics of labour

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Labour and labourer cannot be separated

Labour can be stored

Labour has limited mobility

Supply of labour is inelastic

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Principles of Economics Icom Part 1 English Medium Chapter 4 Online Test MCQs With Answers

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