Question # 1

Number of factors of production is

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One

Two

Three

Four

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

In modern term, factors of production are called

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Inputs

Productive services

Inputs and productive services

Production of goods and services

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

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Trade

Supply

Demand

Stock

The relationship between price and quantity supplied is:

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Inverse

Positive

Infinite

Zero

Supply curve slope is:

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Positive

Vertical

Negative

Horizontal

Causes of shifting in supply curve is:

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Change in technique

Change in cost

Change in tax

All of them

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

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 land

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Land is a gift of nature

All the pieces of land are not equal infertility

Productive capacity of land is limited

Supply of land is unlimited

The most important and basic factor of production is

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Land

Labour

Capital

Organization

One of the following is not called land

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Rain

Mountain

Forests

Mangla Dam

In case of horizontal supply curve, Es is:

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Mero than unity

Less than unity

Zero

Infinite

When price increases, supply:

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Contracts

Expands

Remains fixed

Becomes zero

Perfectly inelastic supply curve is:

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Vertical

Rise upward

Horizontal

Fall downward

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

The factor of production which is used to produce more wealth or increase income is called

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Land

Labour

Capital

Organization

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