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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
Natural environment that supports production of goods and services is included in
Question # 2
Which of the following is NOT an input
Question # 3
Which of the following input factor takes risk, innovates and coordinates
Question # 4
Standard of living of a country can be raised if it increases
Question # 5
Land is
Question # 6
Long-run price of a durable good is always less than its short run price . it is because.
Question # 7
Production in economic means
Question # 8
If a firm increases the ratio of capital to labour, it becomes more
Question # 9
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 10
Given the demand curve, a rise in supply will.
Question # 11
Labour is hirable but you cannot hire
Question # 12
Land as used in economics
Question # 13
When demand rises more than supply price of the product will.
Question # 14
Which is true
Question # 15
If supply rises more than demand, price of the product will.
Question # 16
Land, labour and capital are needed to produce goods. They are collectively called
Question # 17
The following is NOTa factor of production
Question # 18
When supply rises more than demand price of the product will.
Question # 19
Productivity of land can be raised by
Question # 20
Given the supply curve, a fall in demand will.
ICS Part 1 Economics Chapter 7 MCQs Test
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A Anum Fatima 19 - Jun - 2023 00 Min 02 Sec 18/20 -
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ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Land means |
A. sea
B. surface of earth
C. natural forests
D. all natural resources
|
| 2 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
| 3 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
| 4 | With a fixed in the market period, if the demand of a product rises, then: |
A. Price will fall
B. Price will rise
C. Price will remain the same
D. None of the three
|
| 5 | Given the supply curve, a fall in demand will. |
A. Increase equilibrium quantity of the product
B. Decrease equilibrium quantity of the product
C. Not affect equilibrium quantity
D. Not affect equilibrium price
|
| 6 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
|
| 7 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 8 | Standard of living of a country can be raised if it increases |
A. labour force
B. production
C. money supply
D. exports
|
| 9 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
|
| 10 | Natural environment that supports production of goods and services is included in |
A. labour
B. money
C. capital
D. land
|
Test Questions