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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
Economic goods produced by firms are called
Question # 2
For production of goods we need factors
Question # 3
Labour is hirable but you cannot hire
Question # 4
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 5
Which of the following input factor takes risk, innovates and coordinates
Question # 6
The following is NOTa factor of production
Question # 7
Which of the following factors takes risk, innovates and coordinates
Question # 8
The transformation of resources into economic goods and services is called
Question # 9
The supply of perishable goods is.
Question # 10
Long-run price of a durable good is always less than its short run price . it is because.
Question # 11
Geographical mobility is not possible for
Question # 12
The three broad types of productive resources are
Question # 13
Price determined in case of a perishable good will be.
Question # 14
When supply rises more than demand price of the product will.
Question # 15
Productivity of land can be raised by
Question # 16
When demand rises more than supply price of the product will.
Question # 17
Given the demand curve, a rise in supply will.
Question # 18
The transformation of resources into economic gods and services is
Question # 19
When both demand and supply fall in equal proportions, price of the product will .
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 -
A Ali Hassan 10 - Sep - 2022 03 Min 17 Sec 17/20 -
A aesha ghafoor 31 - May - 2023 03 Min 43 Sec 17/20 -
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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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M Muhammad Inam 08 - Jan - 2019 04 Min 27 Sec 15/20 -
N Nisha 30 - Jul - 2021 06 Min 05 Sec 15/20 -
K Khushi Gupta 10 - Jan - 2022 12 Min 37 Sec 15/20
ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
|
| 2 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
| 3 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 4 | Economic goods produced by firms are called |
A. productivity
B. innovation
C. technological progress
D. output
|
| 5 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
|
| 6 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 7 | If a firm increases the ratio of capital to labour, it becomes more |
A. labour intensive
B. capital intensive
C. output intensive
D. input intensive
|
| 8 | 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
|
| 9 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 10 | 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
|
Test Questions