11th Principle of Economics Chapter 4 Test

Here you can prepare 11th Principle of Economics English Medium Chapter 4 Factors of Production Test. Click the button for 100% free full practice test.

First Year Principles of Economics Chapter 4 Online MCQ Test for 1st Year Principles of Economics Chapter 4 (Factors of Production)

This online test contains MCQs about following topics:

. Land . Characteristics of land . Importance of land . labour . Importance of labour . Characteristics of labour . Capital . Importance of capital . Functions of capital . Organization

ICOM Part 1 Economics Ch 4 Test
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First Year Principles of Economics Chapter 4 Online MCQ Test for 1st Year Principles of Economics Chapter 4 (Factors of Production)

Sr. # Questions Answers Choice
1 When price decreases, supply:
  • A. Contracts
  • B. Expands
  • C. Remains fixed
  • D. Becomes zero
2 Blessings like air, rain existing on land are included in factor of production
  • A. Labour or human resources
  • B. Capital or monetary resources
  • C. Land or natural resources
  • D. Organisation
3 If 50% change in supply in response to 50% change in price then:
  • A. Es = 0
  • B. Es = 1
  • C. Es > 1
  • D. Es < 1
4 Which factor has no pre-determined reward
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization
5 Factor of production which is used to earn more income, is called
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization
6 Which factor can not be stored
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization
7 Perfectly inelastic supply curve is:
  • A. Vertical
  • B. Rise upward
  • C. Horizontal
  • D. Fall downward
8 If price increases but supply remains constant, it is called:
  • A. Fall in supply
  • B. Contraction in supply
  • C. Expansion in supply
  • D. Rise in supply
9 The factor which is needed to produce goods by the combination of land, labour and capital is called
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization
10 If 30% change in supply in response to 50% change in price then:
  • A. Es = 0
  • B. Es = 1
  • C. Es > 1
  • D. Es < 1

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