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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
If supply rises more than demand, price of the product will.
Question # 2
The following is NOTa factor of production
Question # 3
When supply rises more than demand price of the product will.
Question # 4
For production of goods we need factors
Question # 5
Price determined in case of a perishable good will be.
Question # 6
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 7
Which of the following is NOT an input
Question # 8
Which of the following is correct with respect to resources
Question # 9
Natural environment that supports production of goods and services is included in
Question # 10
The supply of perishable goods is.
Question # 11
The transformation of resources into economic goods and services is called
Question # 12
Equilibrium price of a product is determined by:
Question # 13
Land, labour and capital are needed to produce goods. They are collectively called
Question # 14
Economic development of a country requires
Question # 15
Productivity of land can be raised by
Question # 16
Land means
Question # 17
Labour is hirable but you cannot hire
Question # 18
The three broad types of productive resources are
Question # 19
Economic goods produced by firms are called
Question # 20
Long-run price of a durable good is always less than its short run price . it is because.
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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ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Long-run price of a durable good is always less than its short run price . it is because. |
A. Long -run supply is more elastic than short-run supply curve.
B. Long -run supply is less elastic than short-run supply curve.
C. Long and short-run supply curves are equally elastic
D. None of the three
|
| 2 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 3 | 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
|
| 4 | An example of natural resource is |
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
|
| 5 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 6 | Equilibrium price of a product is determined by: |
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
|
| 7 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 8 | 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
|
| 9 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
|
| 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