Question # 1

In case of horizontal supply curve, Es is:

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Mero than unity

Less than unity

Zero

Infinite

When price increases, supply:

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Contracts

Expands

Remains fixed

Becomes zero

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

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Ed

Es

More Elastic

Less Elastic

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

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

The most important and basic factor of production is

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Land

Labour

Capital

Organization

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

Which factor has no pre-determined reward

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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

One of the following is not called land

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Rain

Mountain

Forests

Mangla Dam

Mental or physical work undertaken for reward by human being is 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

Which factor can not be stored

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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

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

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