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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
For production of goods we need factors
Question # 2
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 3
The transformation of resources into economic gods and services is
Question # 4
Land, labour and capital are needed to produce goods. They are collectively called
Question # 5
The supply of perishable goods is.
Question # 6
Economic goods produced by firms are called
Question # 7
Which of the following is NOT an input
Question # 8
Which of the following factors takes risk, innovates and coordinates
Question # 9
Which of the following is correct with respect to resources
Question # 10
Land is
Question # 11
Natural environment that supports production of goods and services is included in
Question # 12
An example of natural resource is
Question # 13
With a fixed in the market period, if the demand of a product rises, then:
Question # 14
Land as used in economics
Question # 15
Equilibrium price of a product is determined by:
Question # 16
The three broad types of productive resources are
Question # 17
Production in economic means
Question # 18
If supply rises more than demand, price of the product will.
Question # 19
Given the demand curve, a rise in supply will.
Question # 20
When supply rises more than demand price of the product will.
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 | Standard of living of a country can be raised if it increases |
A. labour force
B. production
C. money supply
D. exports
|
| 2 | The transformation of resources into economic gods and services is |
A. input
B. production
C. entrepreneur
D. market
|
| 3 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
|
| 4 | Which of the following input factor takes risk, innovates and coordinates |
A. capital
B. labour
C. productivity
D. entrepreneur
|
| 5 | For production of goods we need factors |
A. few
B. 2
C. 4
D. unlimited
|
| 6 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 7 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 8 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
|
| 9 | Natural environment that supports production of goods and services is included in |
A. labour
B. money
C. capital
D. land
|
| 10 | An example of natural resource is |
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
|
Test Questions