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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
Organization means an individual or institution which with optimum factor combination
Question # 2
Number of factors of production is
Question # 3
If an entrepreneur does service, in economics it is called
Question # 4
Stock means the quantity:
Question # 5
Second factor of production is
Question # 6
Tractor, harvester, thrasher etc are the examples of factor of production
Question # 7
Which factor is oldest and basic factor of production
Question # 8
When supply decreases due to fall in price, it is called:
Question # 9
Supply curve slope is:
Question # 10
Blessings like air, rain existing on land are included in factor of production
Question # 11
One of the following is not called land
Question # 12
If price increases but supply remains constant, it is called:
Question # 13
Perfectly inelastic supply curve is:
Question # 14
One of the following is not included in the characteristics of land
Question # 15
One of the following is not included in labour
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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ICom Part 1 Principles of Economics ( English Medium) Chapter 4 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Causes of shifting in supply curve is: |
A. Change in technique
B. Change in cost
C. Change in tax
D. All of them
|
| 2 | One of the following is not included in the characteristics of labour |
A. Labour and labourer cannot be separated
B. Labour can be stored
C. Labour has limited mobility
D. Supply of labour is inelastic
|
| 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 | When price decreases, supply: |
A. Contracts
B. Expands
C. Remains fixed
D. Becomes zero
|
| 5 | Immortal factor production is |
A. Land
B. Labour
C. Capital
D. Organization
|
| 6 | Which factor is oldest and basic factor of production |
A. Land
B. Labour
C. Capital
D. Organization
|
| 7 | Tractor, harvester, thrasher etc are the examples of factor of production |
A. Land
B. Labour
C. Capital
D. Organization
|
| 8 | 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
|
| 9 | 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
|
| 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
|
Test Questions