Question # 1

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

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Land

Labour

Capital

Organization

The most important and basic factor of production is

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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

When supply increases due to rise price, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

Which factor is oldest and basic factor of production

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Land

Labour

Capital

Organization

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

Factor of production which is used to earn more income, is called

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Land

Labour

Capital

Organization

The factor which is needed to produce goods by the combination of land, labour and capital is called

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Land

Labour

Capital

Organization

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

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Land

Labour

Capital

Organization

Third factor of production is called

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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

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

The relationship between price and quantity supplied is:

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Inverse

Positive

Infinite

Zero

Supply curve slope is:

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Positive

Vertical

Negative

Horizontal

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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