First Year Economics Chapter 7 Online MCQ Test for 1st Year Economics Chapter 7 (Production and Production Function)

This online test contains MCQs about following topics:

Factors of production - Production Function

ICS Part 1 Economics Chapter 7 Test

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ICS Part 1 Economics Chapter Wise Test

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"

  • Total Questions20

  • Time Allowed30

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Economics Ics Part 1 English Medium Chapter 7 Online Test

00:00
Question # 1

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

Question # 2

Given the supply curve, a fall in demand will.

Question # 3

Economic development of a country requires

Question # 4

Standard of living of a country can be raised if it increases

Question # 5

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

Question # 6

Long-run price of a durable good is always less than its short run price . it is because.

Question # 7

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

Question # 8

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

Question # 9

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

Question # 10

Land means

Question # 11

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

Question # 12

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

Question # 13

Geographical mobility is not possible for

Question # 14

The following is NOTa factor of production

Question # 15

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

Question # 16

Land is

Question # 17

Equilibrium price of a product is determined by:

Question # 18

The three broad types of productive resources are

Question # 19

Labour is hirable but you cannot hire

Question # 20

For production of goods we need factors

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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 Economic goods produced by firms are called
A. productivity
B. innovation
C. technological progress
D. output
2 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
3 For production of goods we need factors
A. few
B. 2
C. 4
D. unlimited
4 Standard of living of a country can be raised if it increases
A. labour force
B. production
C. money supply
D. exports
5 Given the demand curve, a rise in supply will.
A. Increase quantity supplied
B. Price will fall
C. Price will rise
D. Both (a) and (b)
6 Land as used in economics
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
7 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
8 Productivity of land can be raised by
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
9 Geographical mobility is not possible for
A. land
B. labour
C. capital
D. wealth
10 Which of the following is NOT an input
A. labour
B. entrepreneurship
C. natural resources
D. production

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