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

Question # 1

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

labour A
money B
capital C
land D

Question # 2

The supply of perishable goods is.

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

Question # 3

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

labour force A
production B
money supply C
exports D

Question # 4

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 # 5

The transformation of resources into economic goods and services is called

technical efficiency A
input B
production C
increasing returns D

Question # 6

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

Question # 7

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 # 8

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

Rise A
Fall B
Remain unchanged C
Non of the three D

Question # 9

For production of goods we need factors

few A
2 B
4 C
unlimited D

Question # 10

Economic development of a country requires

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

Question # 11

With a fixed in the market period, if the demand of a product rises, then:

Price will fall A
Price will rise B
Price will remain the same C
None of the three D

Question # 12

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

Shortage A
Surlius B
Non of the two C
Equilibrium quantity D

Question # 13

Land means

sea A
surface of earth B
natural forests C
all natural resources D

Question # 14

Labour is hirable but you cannot hire

capital A
land B
manager C
entrepreneur D

Question # 15

Which of the following factors takes risk, innovates and coordinates

capital A
labour B
bank C
entrepreneur D

Question # 16

The transformation of resources into economic gods and services is

input A
production B
entrepreneur C
market D

Question # 17

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 # 18

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 # 19

The following is NOTa factor of production

labour A
entrepreneurship B
land C
money D

Question # 20

Which is true

labour produces land A
land produces labour B
labour produces capital C
capital produces labour D

Sr.#	Question	Answer
1	Economic goods produced by firms are called	A. productivity B. innovation C. technological progress D. output
2	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
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	If supply rises more than demand, price of the product will.	A. Fall B. Rise C. Not change D. Change
6	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
7	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
8	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
9	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
10	Economic development of a country requires	A. skilled lobour B. diplomacy C. abundant natural resources D. a and c of aboce

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

The supply of perishable goods is.

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

Given the demand curve, a rise in supply will.

The transformation of resources into economic goods and services is called

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

The three broad types of productive resources are

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

For production of goods we need factors

Economic development of a country requires

With a fixed in the market period, if the demand of a product rises, then:

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

Land means

Labour is hirable but you cannot hire

Which of the following factors takes risk, innovates and coordinates

The transformation of resources into economic gods and services is

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

Which of the following is correct with respect to resources

The following is NOTa factor of production

Which is true

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