Economics Ics Part 1 English Medium Online Test With Answers

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Economics Ics Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 According to Malthus, population increase by arithmetic progression geometric progression systematic progression automatic progression
2 If a firm increases the ratio of capital to labour, it becomes more labour intensive capital intensive output intensive input intensive
3 Land, labour and capital are needed to produce goods. They are collectively called elements of production factors of production tools of production cost of production
4 Which is true labour produces land land produces labour labour produces capital capital produces labour
5 Production in economic means factors of production doing some job output of goods profit
6 An example of natural resource is factory skilled doctor oil reserves in the ground oil reserves in storage tank
7 Natural environment that supports production of goods and services is included in labour money capital land
8 Productivity of land can be raised by decreasing farm size intensive cultivation better marketing increasing money supply
9 Standard of living of a country can be raised if it increases labour force production money supply exports
10 For production of goods we need factors few 2 4 unlimited
11 The transformation of resources into economic gods and services is input production entrepreneur market
12 Which of the following factors takes risk, innovates and coordinates capital labour bank entrepreneur
13 The following is NOTa factor of production labour entrepreneurship land money
14 Geographical mobility is not possible for land labour capital wealth
15 Land is hirable not hirable homogeneous a form of capital
16 Economic goods produced by firms are called productivity innovation technological progress output
17 The transformation of resources into economic goods and services is called technical efficiency input production increasing returns
18 Which of the following is correct with respect to resources Money is a capital good Human skills are a labour input Entrepreneur is part of the labour input Natural resources include human input
19 Which of the following input factor takes risk, innovates and coordinates capital labour productivity entrepreneur
20 Which of the following is NOT an input labour entrepreneurship natural resources production
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