Question # 1

One of the following is not called land

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Rain

Mountain

Forests

Mangla Dam

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

River, sea, forests, rain are called

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Land

Labour

Capital

Organization

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

If an entrepreneur does service, in economics it is called

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Organization

Discipline

Labour

Wage

Which factor has no pre-determined reward

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Land

Labour

Capital

Organization

When price decreases, supply:

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Contracts

Expands

Remains fixed

Becomes zero

In modern term, factors of production are called

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Inputs

Productive services

Inputs and productive services

Production of goods and services

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

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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

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

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Es = 0

Es = 1

Es > 1

Es < 1

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

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