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"

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  • Total Questions20

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Economics Ics Part 1 English Medium Chapter 7 Online Test

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Question # 1

Which is true

Question # 2

Given the supply curve, a fall in demand will.

Question # 3

The transformation of resources into economic goods and services is called

Question # 4

An example of natural resource is

Question # 5

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

Question # 6

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

Question # 7

Labour is hirable but you cannot hire

Question # 8

Economic development of a country requires

Question # 9

Land as used in economics

Question # 10

Which of the following is NOT an input

Question # 11

The three broad types of productive resources are

Question # 12

Price determined in case of a perishable good will be.

Question # 13

The supply of perishable goods is.

Question # 14

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

Question # 15

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

Question # 16

Which of the following is correct with respect to resources

Question # 17

Geographical mobility is not possible for

Question # 18

Given the demand curve, a rise in supply will.

Question # 19

Equilibrium price of a product is determined by:

Question # 20

Production in economic means

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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 The supply of perishable goods is.
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
2 Economic development of a country requires
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
3 Which is true
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
4 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
5 When supply rises more than demand price of the product will.
A. Rise
B. Fall
C. Remain unchanged
D. Non of the three
6 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
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 Production in economic means
A. factors of production
B. doing some job
C. output of goods
D. profit
9 Productivity of land can be raised by
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
10 The transformation of resources into economic goods and services is called
A. technical efficiency
B. input
C. production
D. increasing returns

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