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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
An example of natural resource is
Question # 2
The following is NOTa factor of production
Question # 3
The transformation of resources into economic gods and services is
Question # 4
With a fixed in the market period, if the demand of a product rises, then:
Question # 5
Economic development of a country requires
Question # 6
Standard of living of a country can be raised if it increases
Question # 7
Geographical mobility is not possible for
Question # 8
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 9
Which of the following is correct with respect to resources
Question # 10
Long-run price of a durable good is always less than its short run price . it is because.
Question # 11
Which of the following input factor takes risk, innovates and coordinates
Question # 12
Given the supply curve, a fall in demand will.
Question # 13
Production in economic means
Question # 14
The transformation of resources into economic goods and services is called
Question # 15
Price determined in case of a perishable good will be.
Question # 16
Labour is hirable but you cannot hire
Question # 17
Natural environment that supports production of goods and services is included in
Question # 18
Land means
Question # 19
If supply rises more than demand, price of the product will.
Question # 20
Economic goods produced by firms are called
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 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 2 | If the government supplies a product at a price less than the equilibrium price, it will create: |
A. Shortage
B. Surlius
C. Non of the two
D. Equilibrium quantity
|
| 3 | Which of the following input factor takes risk, innovates and coordinates |
A. capital
B. labour
C. productivity
D. entrepreneur
|
| 4 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
|
| 5 | 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
|
| 6 | An example of natural resource is |
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
|
| 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 | 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)
|
| 9 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
| 10 | Economic goods produced by firms are called |
A. productivity
B. innovation
C. technological progress
D. output
|
Test Questions
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