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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
If a firm increases the ratio of capital to labour, it becomes more
Question # 3
An example of natural resource is
Question # 4
Natural environment that supports production of goods and services is included in
Question # 5
Long-run price of a durable good is always less than its short run price . it is because.
Question # 6
With a fixed in the market period, if the demand of a product rises, then:
Question # 7
The transformation of resources into economic gods and services is
Question # 8
If supply rises more than demand, price of the product will.
Question # 9
Land, labour and capital are needed to produce goods. They are collectively called
Question # 10
Land means
Question # 11
Given the supply curve, a fall in demand will.
Question # 12
Price determined in case of a perishable good will be.
Question # 13
When demand rises more than supply price of the product will.
Question # 14
Which of the following is correct with respect to resources
Question # 15
Labour is hirable but you cannot hire
Question # 16
Which is true
Question # 17
When both demand and supply fall in equal proportions, price of the product will .
Question # 18
The following is NOTa factor of production
Question # 19
The transformation of resources into economic goods and services is called
Question # 20
The supply of perishable goods is.
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 | 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
|
| 2 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
| 3 | Standard of living of a country can be raised if it increases |
A. labour force
B. production
C. money supply
D. exports
|
| 4 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
|
| 5 | 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
|
| 6 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
| 7 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
|
| 8 | 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
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| 9 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 10 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
Test Questions
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