Question # 1

Factor of production which is used to earn more income, 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

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

The relationship between price and quantity supplied is:

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Inverse

Positive

Infinite

Zero

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

When price increases, supply:

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Contracts

Expands

Remains fixed

Becomes zero

Free gift of nature is

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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

All the factors of production can be hired except

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Land

Labour

Capital

Organization

Fourth factor of production 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

If price decreases but supply remains constant, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

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

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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

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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