Question # 1

All the factors of production can be hired except

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Land

Labour

Capital

Organization

When price increases, supply:

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Contracts

Expands

Remains fixed

Becomes zero

As factor of production, river and sea are 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

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

Which factor is oldest and basic factor of production

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Land

Labour

Capital

Organization

Production of a commodity depends upon four factors of production i.e. land, labour, capital and organization

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According to classical economists

According to Neo classical economists

According to modern economists

According to Austrian school of thought

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

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Land

Labour

Capital

Organization

Fourth factor of production 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

Mental or physical work undertaken for reward by human being is called

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Land

Labour

Capital

Organization

Which factor has no pre-determined reward

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Land

Labour

Capital

Organization

In case of horizontal supply curve, Es is:

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Mero than unity

Less than unity

Zero

Infinite

River, sea, forests, rain are called

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Land

Labour

Capital

Organization

Stock means the quantity:

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Sold in market

Which is offered for sale

Which exist in warehouse

Of total production

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

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

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