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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 development of a country requires
Question # 2
Long-run price of a durable good is always less than its short run price . it is because.
Question # 3
If a firm increases the ratio of capital to labour, it becomes more
Question # 4
The transformation of resources into economic gods and services is
Question # 5
Land means
Question # 6
Which of the following input factor takes risk, innovates and coordinates
Question # 7
For production of goods we need factors
Question # 8
Land is
Question # 9
Land, labour and capital are needed to produce goods. They are collectively called
Question # 10
The three broad types of productive resources are
Question # 11
Which is true
Question # 12
Land as used in economics
Question # 13
The transformation of resources into economic goods and services is called
Question # 14
Given the demand curve, a rise in supply will.
Question # 15
Equilibrium price of a product is determined by:
Question # 16
Which of the following factors takes risk, innovates and coordinates
Question # 17
Labour is hirable but you cannot hire
Question # 18
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 19
When both demand and supply fall in equal proportions, price of the product will .
Question # 20
Standard of living of a country can be raised if it increases
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 -
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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 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
|
| 2 | 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
|
| 3 | Land means |
A. sea
B. surface of earth
C. natural forests
D. all natural resources
|
| 4 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 5 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
| 6 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
| 7 | With a fixed in the market period, if the demand of a product rises, then: |
A. Price will fall
B. Price will rise
C. Price will remain the same
D. None of the three
|
| 8 | 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
|
| 9 | The transformation of resources into economic gods and services is |
A. input
B. production
C. entrepreneur
D. market
|
| 10 | Economic goods produced by firms are called |
A. productivity
B. innovation
C. technological progress
D. output
|
Test Questions
