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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
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Question # 1
Number of factors of production is
Question # 2
In economics, every mental or physical struggle undertaken for reward, is called
Question # 3
Production of a commodity depends upon four factors of production i.e. land, labour, capital and organization
Question # 4
If quantity supplied changed in response to change in price, is known as:
Question # 5
The relationship between price and quantity supplied is:
Question # 6
If an entrepreneur does service, in economics it is called
Question # 7
The factor which is needed to produce goods by the combination of land, labour and capital is called
Question # 8
Which factor can not be stored
Question # 9
Free gift of nature is
Question # 10
River, sea, forests, rain are called
Question # 11
One of the following is not included in the characteristics of labour
Question # 12
Stock means the quantity:
Question # 13
When supply decreases due to fall in price, it is called:
Question # 14
If price decreases but supply remains constant, it is called:
Question # 15
The factor of production which is used to produce more wealth or increase income 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.
Top Scorers Of Chapter 4 "Principles of Economics Icom Part 1 English Medium Chapter 4 Online Test" MCQ`s 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 -
M Medicine 09 - Dec - 2023 02 Min 48 Sec 15/15 -
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F Farnaz Azam 11 - Nov - 2023 02 Min 26 Sec 14/15 -
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M Muhammad Hammad Shekhani 30 - Jun - 2021 04 Min 23 Sec 14/15 -
I Ibrahim Atif 15 - Dec - 2023 01 Min 46 Sec 13/15 -
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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
ICom Part 1 Class Principles of Economics ( English Medium) Chapter 4 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Which factor has no pre-determined reward |
A. Land
B. Labour
C. Capital
D. Organization
|
| 2 | 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
|
| 3 | Number of factors of production is |
A. One
B. Two
C. Three
D. Four
|
| 4 | 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
|
| 5 | 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
|
| 6 | Which factor is oldest and basic factor of production |
A. Land
B. Labour
C. Capital
D. Organization
|
| 7 | Third factor of production is called |
A. land
B. labour
C. capital
D. organization
|
| 8 | Free gift of nature is |
A. Land
B. Labour
C. Capital
D. Organization
|
| 9 | If an entrepreneur does service, in economics it is called |
A. Organization
B. Discipline
C. Labour
D. Wage
|
| 10 | Perfectly inelastic supply curve is: |
A. Vertical
B. Rise upward
C. Horizontal
D. Fall downward
|
Test Questions
