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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
If a firm increases the ratio of capital to labour, it becomes more
Question # 2
Given the demand curve, a rise in supply will.
Question # 3
Economic goods produced by firms are called
Question # 4
Economic development of a country requires
Question # 5
Equilibrium price of a product is determined by:
Question # 6
Land, labour and capital are needed to produce goods. They are collectively called
Question # 7
When supply rises more than demand price of the product will.
Question # 8
The three broad types of productive resources are
Question # 9
Which is true
Question # 10
Standard of living of a country can be raised if it increases
Question # 11
Which of the following factors takes risk, innovates and coordinates
Question # 12
With a fixed in the market period, if the demand of a product rises, then:
Question # 13
The supply of perishable goods is.
Question # 14
The following is NOTa factor of production
Question # 15
If supply rises more than demand, price of the product will.
Question # 16
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 17
An example of natural resource is
Question # 18
Which of the following is correct with respect to resources
Question # 19
Production in economic means
Question # 20
Labour is hirable but you cannot hire
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 | 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
|
| 2 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
| 3 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 4 | An example of natural resource is |
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
|
| 5 | Land, labour and capital are needed to produce goods. They are collectively called |
A. elements of production
B. factors of production
C. tools of production
D. cost of production
|
| 6 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 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 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
| 9 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
| 10 | If the government supplies a product at a price less than the equilibrium price, it will create: |
A. Shortage
B. Surlius
C. Non of the two
D. Equilibrium quantity
|
Test Questions