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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
ICOM Part 1 English Medium Subjects
ICOM Part 1 Urdu Medium Subjects
MCQ's Test For Chapter 4 "Principles of Economics Icom Part 1 English Medium Chapter 4 Online Test"
Try The MCQ's Test For Chapter 4 "Principles of Economics Icom Part 1 English Medium Chapter 4 Online Test"
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Total Questions15
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Time Allowed20
Principles of Economics Icom Part 1 English Medium Chapter 4 Online Test
00:00
Question # 1
When price decreases, supply:
Question # 2
Quantity of a commodity which is offered for sale in a market is called:
Question # 3
Which factor has no pre-determined reward
Question # 4
Free gift of nature is
Question # 5
Supply curve slope is:
Question # 6
If price increases but supply remains constant, it is called:
Question # 7
If quantity supplied changed in response to change in price, is known as:
Question # 8
Blessings like air, rain existing on land are included in factor of production
Question # 9
The factor of production which is used to produce more wealth or increase income is called
Question # 10
Immortal factor production is
Question # 11
Third factor of production is called
Question # 12
When supply decreases due to fall in price, it is called:
Question # 13
One of the following is not included in the characteristics of labour
Question # 14
Second factor of production is
Question # 15
In case of horizontal supply curve, Es is:
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.
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| Sr.# | Question | Answer |
|---|---|---|
| 1 | Which factor is oldest and basic factor of production |
A. Land
B. Labour
C. Capital
D. Organization
|
| 2 | 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
|
| 3 | If an entrepreneur does service, in economics it is called |
A. Organization
B. Discipline
C. Labour
D. Wage
|
| 4 | When price decreases, supply: |
A. Contracts
B. Expands
C. Remains fixed
D. Becomes zero
|
| 5 | In modern term, factors of production are called |
A. Inputs
B. Productive services
C. Inputs and productive services
D. Production of goods and services
|
| 6 | One of the following is not called land |
A. Rain
B. Mountain
C. Forests
D. Mangla Dam
|
| 7 | 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
|
| 8 | When supply decreases due to fall in price, it is called: |
A. Fall in supply
B. Contraction in supply
C. Expansion in supply
D. Rise in supply
|
| 9 | All the factors of production can be hired except |
A. Land
B. Labour
C. Capital
D. Organization
|
| 10 | Organization means an individual or institution which with optimum factor combination |
A. Lays foundation of business always earning profit
B. Lays foundation of business but does not accept the responsibility of profit and loss
C. Lays foundation of business but accepts the responsibility of profit and loss
D. Serves as a manger in the business and receives remuneration
|
| 11 | Quantity of a commodity which is offered for sale in a market is called: |
A. Trade
B. Supply
C. Demand
D. Stock
|
| 12 | Tractor, harvester, thrasher etc are the examples of factor of production |
A. Land
B. Labour
C. Capital
D. Organization
|
| 13 | 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
|
| 14 | If the rate of change in price and quantity supplied is equal then: |
A. Es = 0
B. Es = 1
C. Es > 1
D. Es < 1
|
| 15 | When supply increases due to rise price, it is called: |
A. Fall in supply
B. Contraction in supply
C. Expansion in supply
D. Rise in supply
|
Test Questions
