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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 gods and services is
Question # 2
Equilibrium price of a product is determined by:
Question # 3
Which of the following is NOT an input
Question # 4
Which of the following input factor takes risk, innovates and coordinates
Question # 5
Labour is hirable but you cannot hire
Question # 6
Given the demand curve, a rise in supply will.
Question # 7
Given the supply curve, a fall in demand will.
Question # 8
Economic goods produced by firms are called
Question # 9
Productivity of land can be raised by
Question # 10
Natural environment that supports production of goods and services is included in
Question # 11
Price determined in case of a perishable good will be.
Question # 12
Which of the following factors takes risk, innovates and coordinates
Question # 13
Land is
Question # 14
Which is true
Question # 15
Long-run price of a durable good is always less than its short run price . it is because.
Question # 16
The supply of perishable goods is.
Question # 17
For production of goods we need factors
Question # 18
If a firm increases the ratio of capital to labour, it becomes more
Question # 19
When supply rises more than demand price of the product will.
Question # 20
Geographical mobility is not possible for
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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A Anum Fatima 19 - Jun - 2023 00 Min 02 Sec 18/20 -
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M Malaika 01 - Feb - 2021 04 Min 13 Sec 15/20 -
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K Khushi Gupta 10 - Jan - 2022 12 Min 37 Sec 15/20 -
E ekta 05 - Aug - 2021 03 Min 31 Sec 14/20
ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 2 | For production of goods we need factors |
A. few
B. 2
C. 4
D. unlimited
|
| 3 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 4 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 5 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
| 6 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 7 | Economic development of a country requires |
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
|
| 8 | An example of natural resource is |
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
|
| 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
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