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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
As factor of production, river and sea are called
Question # 2
If price increases but supply remains constant, it is called:
Question # 3
If 50% change in supply in response to 50% change in price then:
Question # 4
When supply decreases due to fall in price, it is called:
Question # 5
The factor of production which is used to produce more wealth or increase income is called
Question # 6
If 30% change in supply in response to 50% change in price then:
Question # 7
Mental or physical work undertaken for reward by human being is called
Question # 8
Stock means the quantity:
Question # 9
Which factor has no pre-determined reward
Question # 10
When price increases, supply:
Question # 11
Organization means an individual or institution which with optimum factor combination
Question # 12
The most important and basic factor of production is
Question # 13
The factor which is needed to produce goods by the combination of land, labour and capital is called
Question # 14
If an entrepreneur does service, in economics it is called
Question # 15
Third factor of production 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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M Minahil Asif 04 - Jun - 2024 01 Min 00 Sec 15/15 -
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 -
A Arzoo Qaiser 30 - Jan - 2026 01 Min 35 Sec 14/15 -
F fatima raja 26 - Nov - 2023 01 Min 41 Sec 14/15 -
H Huzaira Azam 13 - Nov - 2023 02 Min 17 Sec 14/15 -
F Farnaz Azam 11 - Nov - 2023 02 Min 26 Sec 14/15 -
I Ibrahim Atif 15 - Dec - 2023 01 Min 46 Sec 13/15 -
M Mavis Hayaat 24 - Mar - 2024 02 Min 18 Sec 13/15 -
Z Zeeshan 07 - Nov - 2021 03 Min 02 Sec 13/15 -
U umer 06 - Aug - 2024 03 Min 39 Sec 13/15 -
O Oneeza 26 - Aug - 2021 10 Min 50 Sec 13/15 -
M Mohammad Hassan Javed 18 - Jun - 2022 00 Min 48 Sec 12/15
ICom Part 1 Principles of Economics ( English Medium) Chapter 4 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | If an entrepreneur does service, in economics it is called |
A. Organization
B. Discipline
C. Labour
D. Wage
|
| 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 | 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
|
| 4 | Number of factors of production is |
A. One
B. Two
C. Three
D. Four
|
| 5 | Mental or physical work undertaken for reward by human being is called |
A. Land
B. Labour
C. Capital
D. Organization
|
| 6 | All the factors of production can be hired except |
A. Land
B. Labour
C. Capital
D. Organization
|
| 7 | 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
|
| 8 | Quantity of a commodity which is offered for sale in a market is called: |
A. Trade
B. Supply
C. Demand
D. Stock
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| 9 | Perfectly inelastic supply curve is: |
A. Vertical
B. Rise upward
C. Horizontal
D. Fall downward
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| 10 | 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
|
Test Questions