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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 following is NOTa factor of production
Question # 2
If a firm increases the ratio of capital to labour, it becomes more
Question # 3
Given the demand curve, a rise in supply will.
Question # 4
For production of goods we need factors
Question # 5
Land, labour and capital are needed to produce goods. They are collectively called
Question # 6
With a fixed in the market period, if the demand of a product rises, then:
Question # 7
If supply rises more than demand, price of the product will.
Question # 8
An example of natural resource is
Question # 9
Given the supply curve, a fall in demand will.
Question # 10
Which of the following factors takes risk, innovates and coordinates
Question # 11
When supply rises more than demand price of the product will.
Question # 12
Labour is hirable but you cannot hire
Question # 13
Equilibrium price of a product is determined by:
Question # 14
The transformation of resources into economic gods and services is
Question # 15
Production in economic means
Question # 16
Land is
Question # 17
Economic development of a country requires
Question # 18
Which of the following is NOT an input
Question # 19
The supply of perishable goods is.
Question # 20
Land as used in economics
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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R romana 24 - Jun - 2021 12 Min 13 Sec 19/20 -
A Anum Fatima 19 - Jun - 2023 00 Min 02 Sec 18/20 -
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M M.Attiq-U-Rehman 24 - Nov - 2023 03 Min 16 Sec 16/20 -
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M Malaika 01 - Feb - 2021 04 Min 13 Sec 15/20 -
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ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Economic development of a country requires |
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
|
| 2 | If the government supplies a product at a price less than the equilibrium price, it will create: |
A. Shortage
B. Surlius
C. Non of the two
D. Equilibrium quantity
|
| 3 | Which is true |
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
|
| 4 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
| 5 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
| 6 | 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)
|
| 7 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 8 | For production of goods we need factors |
A. few
B. 2
C. 4
D. unlimited
|
| 9 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 10 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
Test Questions
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