Question # 1

Which factor has no pre-determined reward

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Land

Labour

Capital

Organization

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

If an entrepreneur does service, in economics it is called

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Organization

Discipline

Labour

Wage

All the factors of production can be hired except

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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

Which factor is oldest and basic factor of production

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Land

Labour

Capital

Organization

Fourth factor of production is called

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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

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

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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

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

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

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

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Land

Labour

Capital

Organization

Number of factors of production is

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One

Two

Three

Four

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

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

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