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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 Which factor has no pre-determined reward
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization
2 Production of a commodity depends upon four factors of production i.e. land, labour, capital and organization
  • A. According to classical economists
  • B. According to Neo classical economists
  • C. According to modern economists
  • D. According to Austrian school of thought
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 Immortal factor production is
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization
5 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
6 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
7 Which factor is oldest and basic factor of production
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization
8 Free gift of nature is
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization
9 One of the following is not included in the characteristics of land
  • A. Land is a gift of nature
  • B. All the pieces of land are not equal infertility
  • C. Productive capacity of land is limited
  • D. Supply of land is unlimited
10 As factor of production, river and sea are called
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization

Top Scorers of Principles of Economics Icom Part 1 English Medium Chapter 4 Online Test

A

Abeer

Lahore08 - Feb - 2024

15/15
01 Mins 40 Sec
A

Abeer

Lahore07 - Feb - 2024

13/15
02 Mins 13 Sec
M

Mavis Hayaat

Lahore24 - Mar - 2024

13/15
02 Mins 18 Sec
M

Mavis Hayaat

Lahore24 - Mar - 2024

13/15
02 Mins 18 Sec
A

Abeer

Lahore08 - Feb - 2024

11/15
03 Mins 37 Sec
M

Mavis Hayaat

Lahore24 - Mar - 2024

9/15
02 Mins 18 Sec
M

Mavis Hayaat

Lahore24 - Mar - 2024

9/15
12 Mins 09 Sec

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