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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
When demand rises more than supply price of the product will.
Question # 2
The following is NOTa factor of production
Question # 3
Economic goods produced by firms are called
Question # 4
Which is true
Question # 5
When both demand and supply fall in equal proportions, price of the product will .
Question # 6
Which of the following factors takes risk, innovates and coordinates
Question # 7
Economic development of a country requires
Question # 8
With a fixed in the market period, if the demand of a product rises, then:
Question # 9
Standard of living of a country can be raised if it increases
Question # 10
Which of the following input factor takes risk, innovates and coordinates
Question # 11
Production in economic means
Question # 12
Labour is hirable but you cannot hire
Question # 13
Natural environment that supports production of goods and services is included in
Question # 14
When supply rises more than demand price of the product will.
Question # 15
Land as used in economics
Question # 16
Geographical mobility is not possible for
Question # 17
The transformation of resources into economic gods and services is
Question # 18
Productivity of land can be raised by
Question # 19
Which of the following is correct with respect to resources
Question # 20
Land means
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
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| 2 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 3 | 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
|
| 4 | Natural environment that supports production of goods and services is included in |
A. labour
B. money
C. capital
D. land
|
| 5 | For production of goods we need factors |
A. few
B. 2
C. 4
D. unlimited
|
| 6 | 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
|
| 7 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 8 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
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| 9 | Land means |
A. sea
B. surface of earth
C. natural forests
D. all natural resources
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| 10 | Given the demand curve, a rise in supply will. |
A. Increase quantity supplied
B. Price will fall
C. Price will rise
D. Both (a) and (b)
|
Test Questions
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