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This online test contains MCQs about following topics:
Factors of production - Production Function
MCQ's Test For Chapter 7 "Economics Ics Part 1 English Medium Chapter 7 Online Test"
Try The MCQ's Test For Chapter 7 "Economics Ics Part 1 English Medium Chapter 7 Online Test"
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Total Questions20
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Time Allowed30
Economics Ics Part 1 English Medium Chapter 7 Online Test
00:00
Question # 1
Price determined in case of a perishable good will be.
Question # 2
The following is NOTa factor of production
Question # 3
Standard of living of a country can be raised if it increases
Question # 4
The three broad types of productive resources are
Question # 5
When both demand and supply fall in equal proportions, price of the product will .
Question # 6
Given the supply curve, a fall in demand will.
Question # 7
Which is true
Question # 8
Economic goods produced by firms are called
Question # 9
Natural environment that supports production of goods and services is included in
Question # 10
Land is
Question # 11
Which of the following factors takes risk, innovates and coordinates
Question # 12
When supply rises more than demand price of the product will.
Question # 13
Productivity of land can be raised by
Question # 14
If a firm increases the ratio of capital to labour, it becomes more
Question # 15
Long-run price of a durable good is always less than its short run price . it is because.
Question # 16
If supply rises more than demand, price of the product will.
Question # 17
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 18
Production in economic means
Question # 19
The transformation of resources into economic goods and services is called
Question # 20
The transformation of resources into economic gods and services is
ICS Part 1 Economics Chapter 7 MCQs Test
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ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Land, labour and capital are needed to produce goods. They are collectively called |
A. elements of production
B. factors of production
C. tools of production
D. cost of production
|
| 2 | For production of goods we need factors |
A. few
B. 2
C. 4
D. unlimited
|
| 3 | The transformation of resources into economic gods and services is |
A. input
B. production
C. entrepreneur
D. market
|
| 4 | Long-run price of a durable good is always less than its short run price . it is because. |
A. Long -run supply is more elastic than short-run supply curve.
B. Long -run supply is less elastic than short-run supply curve.
C. Long and short-run supply curves are equally elastic
D. None of the three
|
| 5 | Economic development of a country requires |
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
|
| 6 | The three broad types of productive resources are |
A. money, profit and interest
B. capital, labour and natural resources
C. labour, stock shares and deposits
D. technology, landl and markets
|
| 7 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
|
| 8 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
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| 9 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
| 10 | Equilibrium price of a product is determined by: |
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
|
Test Questions