Question # 1

When price increases, supply:

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Contracts

Expands

Remains fixed

Becomes zero

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

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Land

Labour

Capital

Organization

All the factors of production can be hired except

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Land

Labour

Capital

Organization

Which factor can not be stored

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Land

Labour

Capital

Organization

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

As factor of production, river and sea are called

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Land

Labour

Capital

Organization

Organization means an individual or institution which with optimum factor combination

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Lays foundation of business always earning profit

Lays foundation of business but does not accept the responsibility of profit and loss

Lays foundation of business but accepts the responsibility of profit and loss

Serves as a manger in the business and receives remuneration

Cannot be separated from labourer

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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

Second 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

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

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Land

Labour

Capital

Organization

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

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Land

Labour

Capital

Organization

Perfectly inelastic supply curve is:

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Vertical

Rise upward

Horizontal

Fall downward

The most important and basic factor of production is

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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

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

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Land

Labour

Capital

Organization

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

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