11th class Economics chapter 7 online mcq test with answers for ICS part 1 Economics chapter 7 (Production and Production Function)

Question # 1

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

capital A
labour B
productivity C
entrepreneur D

Question # 2

Price determined in case of a perishable good will be.

Normal price A
Market price B
Short run price C
Long run price D

Question # 3

Natural environment that supports production of goods and services is included in

labour A
money B
capital C
land D

Question # 4

The three broad types of productive resources are

money, profit and interest A
capital, labour and natural resources B
labour, stock shares and deposits C
technology, landl and markets D

Question # 5

Productivity of land can be raised by

decreasing farm size A
intensive cultivation B
better marketing C
increasing money supply D

Question # 6

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

Fall A
Rise B
Not change C
Change D

Question # 7

Given the demand curve, a rise in supply will.

Increase quantity supplied A
Price will fall B
Price will rise C
Both (a) and (b) D

Question # 8

Economic development of a country requires

skilled lobour A
diplomacy B
abundant natural resources C
a and c of aboce D

Question # 9

Which of the following is NOT an input

labour A
entrepreneurship B
natural resources C
production D

Question # 10

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

Fall A
Rise B
Remain the same C
None of the above D

Question # 11

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

labour intensive A
capital intensive B
output intensive C
input intensive D

Question # 12

Which of the following is correct with respect to resources

Money is a capital good A
Human skills are a labour input B
Entrepreneur is part of the labour input C
Natural resources include human input D

Question # 13

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

Rise A
Fall B
Remains unchanged C
None of the three D

Question # 14

The following is NOTa factor of production

labour A
entrepreneurship B
land C
money D

Question # 15

Land as used in economics

is a free gift of nature A
is unlimited in quantity B
is not hirable C
excludes oceans D

Question # 16

Geographical mobility is not possible for

land A
labour B
capital C
wealth D

Question # 17

The supply of perishable goods is.

Elastic A
Inelastic B
Perfectly elastic C
None of the above D

Question # 18

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

Long -run supply is more elastic than short-run supply curve. A
Long -run supply is less elastic than short-run supply curve. B
Long and short-run supply curves are equally elastic C
None of the three D

Question # 19

The transformation of resources into economic goods and services is called

technical efficiency A
input B
production C
increasing returns D

Question # 20

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

elements of production A
factors of production B
tools of production C
cost of production D

Sr.#	Question	Answer
1	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
2	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
3	When demand rises more than supply price of the product will.	A. Rise B. Fall C. Remains unchanged D. None of the three
4	With a fixed in the market period, if the demand of a product rises, then:	A. Price will fall B. Price will rise C. Price will remain the same D. None of the three
5	Land as used in economics	A. is a free gift of nature B. is unlimited in quantity C. is not hirable D. excludes oceans
6	Natural environment that supports production of goods and services is included in	A. labour B. money C. capital D. land
7	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
8	Which is true	A. labour produces land B. land produces labour C. labour produces capital D. capital produces labour
9	Land is	A. hirable B. not hirable C. homogeneous D. a form of capital
10	Productivity of land can be raised by	A. decreasing farm size B. intensive cultivation C. better marketing D. increasing money supply

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

Price determined in case of a perishable good will be.

Natural environment that supports production of goods and services is included in

The three broad types of productive resources are

Productivity of land can be raised by

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

Given the demand curve, a rise in supply will.

Economic development of a country requires

Which of the following is NOT an input

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

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

Which of the following is correct with respect to resources

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

The following is NOTa factor of production

Land as used in economics

Geographical mobility is not possible for

The supply of perishable goods is.

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

The transformation of resources into economic goods and services is called

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

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