11th class Economics chapter 7 online mcq test with answers for ICS part 1 Economics chapter 7 (Production and Production Function)

Question # 1

If the government supplies a product at a price less than the equilibrium price, it will create:

Shortage A
Surlius B
Non of the two C
Equilibrium quantity D

Question # 2

The three broad types of productive resources are

money, profit and interest A
capital, labour and natural resources B
labour, stock shares and deposits C
technology, landl and markets D

Question # 3

With a fixed in the market period, if the demand of a product rises, then:

Price will fall A
Price will rise B
Price will remain the same C
None of the three D

Question # 4

If supply rises more than demand, price of the product will.

Fall A
Rise B
Not change C
Change D

Question # 5

Equilibrium price of a product is determined by:

The gomverment A
An industrialist B
Market competition C
An agriculturist D

Question # 6

The following is NOTa factor of production

labour A
entrepreneurship B
land C
money D

Question # 7

Given the supply curve, a fall in demand will.

Increase equilibrium quantity of the product A
Decrease equilibrium quantity of the product B
Not affect equilibrium quantity C
Not affect equilibrium price D

Question # 8

Land, labour and capital are needed to produce goods. They are collectively called

elements of production A
factors of production B
tools of production C
cost of production D

Question # 9

Land means

sea A
surface of earth B
natural forests C
all natural resources D

Question # 10

The supply of perishable goods is.

Elastic A
Inelastic B
Perfectly elastic C
None of the above D

Question # 11

An example of natural resource is

factory A
skilled doctor B
oil reserves in the ground C
oil reserves in storage tank D

Question # 12

Which of the following is correct with respect to resources

Money is a capital good A
Human skills are a labour input B
Entrepreneur is part of the labour input C
Natural resources include human input D

Question # 13

The transformation of resources into economic goods and services is called

technical efficiency A
input B
production C
increasing returns D

Question # 14

For production of goods we need factors

few A
2 B
4 C
unlimited D

Question # 15

If a firm increases the ratio of capital to labour, it becomes more

labour intensive A
capital intensive B
output intensive C
input intensive D

Question # 16

When both demand and supply fall in equal proportions, price of the product will .

Fall A
Rise B
Remain the same C
None of the above D

Question # 17

When demand rises more than supply price of the product will.

Rise A
Fall B
Remains unchanged C
None of the three D

Question # 18

Labour is hirable but you cannot hire

capital A
land B
manager C
entrepreneur D

Question # 19

Land as used in economics

is a free gift of nature A
is unlimited in quantity B
is not hirable C
excludes oceans D

Question # 20

Which of the following input factor takes risk, innovates and coordinates

capital A
labour B
productivity C
entrepreneur D

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	When supply rises more than demand price of the product will.	A. Rise B. Fall C. Remain unchanged D. Non of the three
3	The transformation of resources into economic goods and services is called	A. technical efficiency B. input C. production D. increasing returns
4	Labour is hirable but you cannot hire	A. capital B. land C. manager D. entrepreneur
5	The transformation of resources into economic gods and services is	A. input B. production C. entrepreneur D. market
6	Standard of living of a country can be raised if it increases	A. labour force B. production C. money supply D. exports
7	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
8	When demand rises more than supply price of the product will.	A. Rise B. Fall C. Remains unchanged D. None of the three
9	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
10	Equilibrium price of a product is determined by:	A. The gomverment B. An industrialist C. Market competition D. An agriculturist

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Economics Ics Part 1 English Medium Chapter 7 Online Test

If the government supplies a product at a price less than the equilibrium price, it will create:

The three broad types of productive resources are

With a fixed in the market period, if the demand of a product rises, then:

If supply rises more than demand, price of the product will.

Equilibrium price of a product is determined by:

The following is NOTa factor of production

Given the supply curve, a fall in demand will.

Land, labour and capital are needed to produce goods. They are collectively called

Land means

The supply of perishable goods is.

An example of natural resource is

Which of the following is correct with respect to resources

The transformation of resources into economic goods and services is called

For production of goods we need factors

If a firm increases the ratio of capital to labour, it becomes more

When both demand and supply fall in equal proportions, price of the product will .

When demand rises more than supply price of the product will.

Labour is hirable but you cannot hire

Land as used in economics

Which of the following input factor takes risk, innovates and coordinates

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