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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 three broad types of productive resources are
Question # 2
Economic development of a country requires
Question # 3
Which of the following is correct with respect to resources
Question # 4
Land is
Question # 5
Standard of living of a country can be raised if it increases
Question # 6
The transformation of resources into economic gods and services is
Question # 7
Economic goods produced by firms are called
Question # 8
Equilibrium price of a product is determined by:
Question # 9
Land as used in economics
Question # 10
Which of the following is NOT an input
Question # 11
Which of the following factors takes risk, innovates and coordinates
Question # 12
Labour is hirable but you cannot hire
Question # 13
Natural environment that supports production of goods and services is included in
Question # 14
Land means
Question # 15
Geographical mobility is not possible for
Question # 16
An example of natural resource is
Question # 17
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 18
The supply of perishable goods is.
Question # 19
If supply rises more than demand, price of the product will.
Question # 20
When supply rises more than demand price of the product will.
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 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 2 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
| 3 | Standard of living of a country can be raised if it increases |
A. labour force
B. production
C. money supply
D. exports
|
| 4 | 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
|
| 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 | Which is true |
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
|
| 7 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
| 8 | Natural environment that supports production of goods and services is included in |
A. labour
B. money
C. capital
D. land
|
| 9 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
|
| 10 | When both demand and supply fall in equal proportions, price of the product will . |
A. Fall
B. Rise
C. Remain the same
D. None of the above
|
Test Questions