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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
For production of goods we need factors
Question # 2
The transformation of resources into economic gods and services is
Question # 3
The following is NOTa factor of production
Question # 4
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 5
Which of the following input factor takes risk, innovates and coordinates
Question # 6
Productivity of land can be raised by
Question # 7
Economic goods produced by firms are called
Question # 8
Which is true
Question # 9
When both demand and supply fall in equal proportions, price of the product will .
Question # 10
Land is
Question # 11
Given the demand curve, a rise in supply will.
Question # 12
The supply of perishable goods is.
Question # 13
Given the supply curve, a fall in demand will.
Question # 14
Land, labour and capital are needed to produce goods. They are collectively called
Question # 15
Equilibrium price of a product is determined by:
Question # 16
The transformation of resources into economic goods and services is called
Question # 17
With a fixed in the market period, if the demand of a product rises, then:
Question # 18
Long-run price of a durable good is always less than its short run price . it is because.
Question # 19
Which of the following is NOT an input
Question # 20
Natural environment that supports production of goods and services is included in
ICS Part 1 Economics Chapter 7 MCQs Test
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| Sr.# | Question | Answer |
|---|---|---|
| 1 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 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 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
| 4 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 5 | 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
|
| 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 | 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 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 9 | Economic development of a country requires |
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
|
| 10 | Economic goods produced by firms are called |
A. productivity
B. innovation
C. technological progress
D. output
|
| 11 | Standard of living of a country can be raised if it increases |
A. labour force
B. production
C. money supply
D. exports
|
| 12 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
|
| 13 | Natural environment that supports production of goods and services is included in |
A. labour
B. money
C. capital
D. land
|
| 14 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 15 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
| 16 | Which of the following input factor takes risk, innovates and coordinates |
A. capital
B. labour
C. productivity
D. entrepreneur
|
Test Questions
