11th Principles of Economics MCQS
Organization means an individual or institution which with optimum factor combination
Lays foundation of business but accepts the responsibility of profit and loss
Serves as a manger in the business and receives remuneration
Lays foundation of business always earning profit
Lays foundation of business but does not accept the responsibility of profit and loss
Blessings like air, rain existing on land are included in factor of production
Land or natural resources
Organisation
Labour or human resources
Capital or monetary resources
The factor of production which is used to produce more wealth or increase income is called
Organization
Capital
Land
Labour
Which factor can not be stored
Capital
Labour
Organization
Land
Cannot be separated from labourer
Land
Labour
Capital
Organization
Production of a commodity depends upon four factors of production i.e. land, labour, capital and organization
According to classical economists
According to modern economists
According to Austrian school of thought
According to Neo classical economists
The factor which is needed to produce goods by the combination of land, labour and capital is called
Labour
Organization
Land
Capital
Fourth factor of production is called
Capital
Organization
Labour
Land
In economics, every mental or physical struggle undertaken for reward, is called
Organization
Labour
Land
Capital
One of the following is not called land
Forests
Mountain
Mangla Dam
Rain
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