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

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

Question # 2

The supply of perishable goods is.

Question # 3

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

Question # 4

Productivity of land can be raised by

Question # 5

Which of the following is correct with respect to resources

Question # 6

Price determined in case of a perishable good will be.

Question # 7

The transformation of resources into economic goods and services is called

Question # 8

Land is

Question # 9

Given the supply curve, a fall in demand will.

Question # 10

The transformation of resources into economic gods and services is

Question # 11

Economic development of a country requires

Question # 12

An example of natural resource is

Question # 13

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

Question # 14

For production of goods we need factors

Question # 15

Equilibrium price of a product is determined by:

Question # 16

Land as used in economics

Question # 17

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

Question # 18

Which is true

Question # 19

If the government supplies a product at a price less than the equilibrium price, it will create:

Question # 20

Land 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 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
2 When supply rises more than demand price of the product will.
A. Rise
B. Fall
C. Remain unchanged
D. Non of the three
3 Economic development of a country requires
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
4 Land means
A. sea
B. surface of earth
C. natural forests
D. all natural resources
5 The supply of perishable goods is.
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
6 For production of goods we need factors
A. few
B. 2
C. 4
D. unlimited
7 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
8 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
9 Standard of living of a country can be raised if it increases
A. labour force
B. production
C. money supply
D. exports
10 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

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