chapter 7 factors of production

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MCQ Social Science Class 8
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Social Science Class 8

Chapter 7 Factors of Production

CBSE Board

Teacher Name : Rakesh
Total Questions : 15
Time Allowed : 60
Total Marks : 15

Q 1 :What is the significance of understanding factors of production in business?
- It reduces costs automatically
- It eliminates competition
- It helps in making informed decisions about resource allocation
- It guarantees business success
Q 2 :In a business plan simulation, what is the first step in starting a business?
- Hiring employees
- Buying equipment
- Launching a marketing campaign
- Conducting market research
Q 3 :How does human capital contribute to a business?
- By increasing raw material supply
- By reducing operational costs
- By providing physical tools
- By enhancing productivity through skills and knowledge
Q 4 :What is the primary purpose of factors of production?
- To limit consumer choices
- To reduce market competition
- To increase unemployment
- To create goods and services
Q 5 :Which factor of production is most directly related to innovation?
- Physical capital
- Entrepreneurship
- Natural resources
- Labor
Q 6 :Which of the following is NOT a factor of production?
- Consumer demand
- Labor
- Land
- Capital
Q 7 :Which factor of production includes tools and machinery?
- Entrepreneurship
- Natural resources
- Physical capital
- Human capital
Q 8 :What role does entrepreneurship play in the factors of production?
- It is the same as human capital
- It refers to the physical tools used in production
- It only includes financial investment
- It involves organizing and managing resources to create goods and services
Q 9 :Which of the following is a characteristic of physical capital?
- It is not necessary for production
- It can be depreciated over time
- It is intangible
- It includes employee skills
Q 10 :What is physical capital?
- Market demand for products
- Skills and knowledge of workers
- Tangible assets used in production
- Financial resources for investment
Q 11 :Which of the following best describes natural resources?
- Buildings and machinery
- Raw materials obtained from the earth
- Skills and training of workers
- Financial investments
Q 12 :What is the relationship between factors of production and economic growth?
- Effective use of factors can lead to increased economic output
- More factors always lead to less growth
- They have no impact on economic growth
- Only physical capital affects growth
Q 13 :What is an example of a fixed cost in a business?
- Utility bills that vary monthly
- Hourly wages for workers
- Rent for a factory
- Cost of raw materials
Q 14 :Which of the following is an example of a service?
- A car
- A computer
- A loaf of bread
- A haircut
Q 15 :Which of the following is an example of human capital?
- A factory building
- Machinery used in production
- Raw materials for manufacturing
- A worker's education and training

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