Question # 1

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

Fourth factor of production is called

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Land

Labour

Capital

Organization

If quantity supplied changed in response to change in price, is known as:

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Ed

Es

More Elastic

Less Elastic

Perfectly inelastic supply curve is:

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Vertical

Rise upward

Horizontal

Fall downward

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

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Land

Labour

Capital

Organization

When supply decreases due to fall in price, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

As factor of production, river and sea are called

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Land

Labour

Capital

Organization

Mental or physical work undertaken for reward by human being is called

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Land

Labour

Capital

Organization

Cannot be separated from labourer

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Land

Labour

Capital

Organization

Quantity of a commodity which is offered for sale in a market is called:

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Trade

Supply

Demand

Stock

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

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Es = 0

Es = 1

Es > 1

Es < 1

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

Tractor, harvester, thrasher etc are the examples of factor of production

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Land

Labour

Capital

Organization

The relationship between price and quantity supplied is:

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Inverse

Positive

Infinite

Zero

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

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Land is a gift of nature

All the pieces of land are not equal infertility

Productive capacity of land is limited

Supply of land is unlimited

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

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