CMA Foundation MCQ Quiz Economics Lesson 1.6April 9, 2026 Maven Leave a Comment Welcome to the CMA Foundation MCQ Quiz Economics Lesson 1.6 quiz! Name Email 1. The concept of means of production originally comes from the ideas of: Alfred Marshall Adam Smith J.M. Keynes Karl Marx None 2. Means of production are also known as: Means of exchange Means of distribution Means of consumption Means of labour None 3. Which of the following is a tangible aspect of means of production? Knowledge production Domestic labour Machines and tools Intellectual contributions None 4. According to the labour theory of value, surplus value is: The extra value created by labour but appropriated by the owner of production The minimum wage paid to workers The profit earned by workers from their labour The value of raw materials used in production None 5. According to Karl Marx, exploited workers are called: Bourgeoisie Capitalists Entrepreneurs Proletariats None 6. Under capitalism, the means of production are owned by: The government All citizens equally Private individuals and business houses Workers and labourers None 7. Which of the following countries best represents a socialist economic system? USA Cuba Brazil India None 8. In a mixed economy, the means of production are owned by: Private sector only Government only Both private and government sectors Workers only None 9. Which of the following is the best example of a mixed economy? USA Cuba North Korea India None 10. According to Bohm Bawerk, capital is: Money held by a firm The produced means of production Natural resources used in production Labour power applied to production None 11. Relations of production refer to: Relationship between firms and consumers Relationship between government and private sector Relationship between those who own means of production and those who do not Relationship between demand and supply in the market None 12. The term mode of production was developed by: Alfred Marshall Adam Smith J.M. Keynes Karl Marx None 13. Which of the following is NOT included in the modern means of production? Consumer desires and wants Raw materials Offices and computers Machines and factories None 14. If labour is removed from the production system, output will be: Doubled Halved Zero Unchanged None 15. Improvement in means of production leads to: Lower GDP and lower standard of living Higher GDP and higher standard of living Higher costs and lower quality goods Reduction in economic growth None Time's upRelated Posts:CMA Foundation MCQ Quiz Economics Lesson 1.2CMA Foundation MCQ Quiz Economics Lesson 1.1CMA Foundation MCQ Quiz Economics Lesson 1.3 - Part 1CMA Foundation MCQ Quiz Economics Lesson 1.3 – Part 2
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