Question # 1

In case of horizontal supply curve, Es is:

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Mero than unity

Less than unity

Zero

Infinite

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

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

Causes of shifting in supply curve is:

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Change in technique

Change in cost

Change in tax

All of them

Second factor of production is

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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

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

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Land

Labour

Capital

Organization

Supply curve slope is:

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Positive

Vertical

Negative

Horizontal

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

Third factor of production is called

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land

labour

capital

organization

When price decreases, supply:

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Contracts

Expands

Remains fixed

Becomes zero

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

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Trade

Supply

Demand

Stock

Free gift of nature is

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Land

Labour

Capital

Organization

Fourth factor of production is called

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Land

Labour

Capital

Organization

As factor of production, river and sea are called

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Land

Labour

Capital

Organization

Blessings like air, rain existing on land are included in factor of production

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Labour or human resources

Capital or monetary resources

Land or natural resources

Organisation

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