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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
Production in economic means
Question # 2
Productivity of land can be raised by
Question # 3
An example of natural resource is
Question # 4
Standard of living of a country can be raised if it increases
Question # 5
With a fixed in the market period, if the demand of a product rises, then:
Question # 6
The transformation of resources into economic gods and services is
Question # 7
If a firm increases the ratio of capital to labour, it becomes more
Question # 8
Which is true
Question # 9
Land means
Question # 10
For production of goods we need factors
Question # 11
Price determined in case of a perishable good will be.
Question # 12
Economic development of a country requires
Question # 13
When supply rises more than demand price of the product will.
Question # 14
Land is
Question # 15
Which of the following is correct with respect to resources
Question # 16
The three broad types of productive resources are
Question # 17
Economic goods produced by firms are called
Question # 18
Land as used in economics
Question # 19
Long-run price of a durable good is always less than its short run price . it is because.
Question # 20
If supply rises more than demand, 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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ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 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 | An example of natural resource is |
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
|
| 4 | Which of the following input factor takes risk, innovates and coordinates |
A. capital
B. labour
C. productivity
D. entrepreneur
|
| 5 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 6 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
| 7 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 8 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
| 9 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
| 10 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
Test Questions