Question # 1

When price increases, supply:

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Contracts

Expands

Remains fixed

Becomes zero

Second factor of production is

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Land

Labour

Capital

Organization

Cannot be separated from labourer

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

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Ed

Es

More Elastic

Less Elastic

Immortal factor production is

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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

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

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

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

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Trade

Supply

Demand

Stock

River, sea, forests, rain are called

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Land

Labour

Capital

Organization

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

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

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Land

Labour

Capital

Organization

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

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

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Labour and labourer cannot be separated

Labour can be stored

Labour has limited mobility

Supply of labour is inelastic

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

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