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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
Blessings like air, rain existing on land are included in factor of production
Question # 2
The factor of production which is used to produce more wealth or increase income is called
Question # 3
River, sea, forests, rain are called
Question # 4
Supply curve slope is:
Question # 5
Cannot be separated from labourer
Question # 6
Fourth factor of production is called
Question # 7
As factor of production, river and sea are called
Question # 8
If price decreases but supply remains constant, it is called:
Question # 9
When price decreases, supply:
Question # 10
If 30% change in supply in response to 50% change in price then:
Question # 11
If the rate of change in price and quantity supplied is equal then:
Question # 12
One of the following is not included in the characteristics of labour
Question # 13
Number of factors of production is
Question # 14
Factor of production which is used to earn more income, is called
Question # 15
The factor which is needed to produce goods by the combination of land, labour and capital is called
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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Z Zayn 24 - Jul - 2021 01 Min 13 Sec 15/15 -
S Subtain Ahmed Raza 21 - Jul - 2023 01 Min 18 Sec 15/15 -
A Abeer 08 - Feb - 2024 01 Min 40 Sec 15/15 -
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U umer 06 - Aug - 2024 03 Min 39 Sec 13/15 -
O Oneeza 26 - Aug - 2021 10 Min 50 Sec 13/15
| Sr.# | Question | Answer |
|---|---|---|
| 1 | In modern term, factors of production are called |
A. Inputs
B. Productive services
C. Inputs and productive services
D. Production of goods and services
|
| 2 | Third factor of production is called |
A. land
B. labour
C. capital
D. organization
|
| 3 | If quantity supplied changed in response to change in price, is known as: |
A. Ed
B. Es
C. More Elastic
D. Less Elastic
|
| 4 | The most important and basic factor of production is |
A. Land
B. Labour
C. Capital
D. Organization
|
| 5 | Supply curve slope is: |
A. Positive
B. Vertical
C. Negative
D. Horizontal
|
| 6 | If price decreases but supply remains constant, it is called: |
A. Fall in supply
B. Contraction in supply
C. Expansion in supply
D. Rise in supply
|
| 7 | As factor of production, river and sea are called |
A. Land
B. Labour
C. Capital
D. Organization
|
| 8 | If an entrepreneur does service, in economics it is called |
A. Organization
B. Discipline
C. Labour
D. Wage
|
| 9 | River, sea, forests, rain are called |
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 | 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
|
| 12 | Causes of shifting in supply curve is: |
A. Change in technique
B. Change in cost
C. Change in tax
D. All of them
|
| 13 | 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
|
| 14 | The factor of production which is used to produce more wealth or increase income is called |
A. Land
B. Labour
C. Capital
D. Organization
|
| 15 | Fourth factor of production is called |
A. Land
B. Labour
C. Capital
D. Organization
|
Test Questions
