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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
The transformation of resources into economic goods and services is called
Question # 2
Which of the following input factor takes risk, innovates and coordinates
Question # 3
The following is NOTa factor of production
Question # 4
Which of the following factors takes risk, innovates and coordinates
Question # 5
When demand rises more than supply price of the product will.
Question # 6
Long-run price of a durable good is always less than its short run price . it is because.
Question # 7
Which is true
Question # 8
Land is
Question # 9
When supply rises more than demand price of the product will.
Question # 10
Production in economic means
Question # 11
Standard of living of a country can be raised if it increases
Question # 12
Which of the following is NOT an input
Question # 13
For production of goods we need factors
Question # 14
Given the demand curve, a rise in supply will.
Question # 15
Price determined in case of a perishable good will be.
Question # 16
Land means
Question # 17
Economic development of a country requires
Question # 18
Labour is hirable but you cannot hire
Question # 19
Given the supply curve, a fall in demand will.
Question # 20
The three broad types of productive resources are
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 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
| 2 | Which of the following input factor takes risk, innovates and coordinates |
A. capital
B. labour
C. productivity
D. entrepreneur
|
| 3 | Natural environment that supports production of goods and services is included in |
A. labour
B. money
C. capital
D. land
|
| 4 | 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
|
| 5 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
|
| 6 | 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
|
| 7 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 8 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 9 | An example of natural resource is |
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
|
| 10 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
|
Test Questions
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