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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
The transformation of resources into economic gods and services is
Question # 2
Economic development of a country requires
Question # 3
Natural environment that supports production of goods and services is included in
Question # 4
When supply rises more than demand price of the product will.
Question # 5
Which is true
Question # 6
Long-run price of a durable good is always less than its short run price . it is because.
Question # 7
For production of goods we need factors
Question # 8
Land as used in economics
Question # 9
The supply of perishable goods is.
Question # 10
Which of the following input factor takes risk, innovates and coordinates
Question # 11
An example of natural resource is
Question # 12
Standard of living of a country can be raised if it increases
Question # 13
If a firm increases the ratio of capital to labour, it becomes more
Question # 14
With a fixed in the market period, if the demand of a product rises, then:
Question # 15
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 16
If supply rises more than demand, price of the product will.
Question # 17
Price determined in case of a perishable good will be.
Question # 18
Land is
Question # 19
When both demand and supply fall in equal proportions, price of the product will .
Question # 20
When demand rises more than supply price of the product will.
ICS Part 1 Economics Chapter 7 MCQs Test
Top Scorers Of Chapter 7 "Economics Ics Part 1 English Medium Chapter 7 Online Test" MCQ`s Test
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M Maheen 19 - Feb - 2021 02 Min 46 Sec 19/20 -
R romana 24 - Jun - 2021 12 Min 13 Sec 19/20 -
A Anum Fatima 19 - Jun - 2023 00 Min 02 Sec 18/20 -
A Ali Hassan 10 - Sep - 2022 03 Min 17 Sec 17/20 -
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T Tasneem 09 - Feb - 2019 03 Min 59 Sec 17/20 -
A Aiman Afaq 25 - Jul - 2023 04 Min 34 Sec 17/20 -
M M.Attiq-U-Rehman 24 - Nov - 2023 03 Min 16 Sec 16/20 -
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H hamza abid 21 - Jul - 2022 10 Min 50 Sec 16/20 -
M Malaika 01 - Feb - 2021 04 Min 13 Sec 15/20 -
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K Khushi Gupta 10 - Jan - 2022 12 Min 37 Sec 15/20
ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Which of the following input factor takes risk, innovates and coordinates |
A. capital
B. labour
C. productivity
D. entrepreneur
|
| 2 | Which of the following is correct with respect to resources |
A. Money is a capital good
B. Human skills are a labour input
C. Entrepreneur is part of the labour input
D. Natural resources include human input
|
| 3 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 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 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
| 6 | If a firm increases the ratio of capital to labour, it becomes more |
A. labour intensive
B. capital intensive
C. output intensive
D. input intensive
|
| 7 | An example of natural resource is |
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
|
| 8 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
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| 9 | Economic goods produced by firms are called |
A. productivity
B. innovation
C. technological progress
D. output
|
| 10 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
|
Test Questions