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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
Which of the following is NOT an input
Question # 2
Standard of living of a country can be raised if it increases
Question # 3
The three broad types of productive resources are
Question # 4
The transformation of resources into economic gods and services is
Question # 5
Which of the following is correct with respect to resources
Question # 6
When both demand and supply fall in equal proportions, price of the product will .
Question # 7
Price determined in case of a perishable good will be.
Question # 8
Natural environment that supports production of goods and services is included in
Question # 9
The supply of perishable goods is.
Question # 10
Land means
Question # 11
The transformation of resources into economic goods and services is called
Question # 12
Given the supply curve, a fall in demand will.
Question # 13
Land as used in economics
Question # 14
When supply rises more than demand price of the product will.
Question # 15
Which is true
Question # 16
Labour is hirable but you cannot hire
Question # 17
If supply rises more than demand, price of the product will.
Question # 18
Which of the following input factor takes risk, innovates and coordinates
Question # 19
For production of goods we need factors
Question # 20
Given the demand curve, a rise in supply will.
ICS Part 1 Economics Chapter 7 MCQs Test
Top Scorers Of Chapter 7 "Economics Ics Part 1 English Medium Chapter 7 Online Test" MCQ`s Test
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A Anum Fatima 19 - Jun - 2023 00 Min 02 Sec 18/20 -
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ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Which of the following input factor takes risk, innovates and coordinates |
A. capital
B. labour
C. productivity
D. entrepreneur
|
| 2 | 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
|
| 3 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 4 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
| 5 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 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 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 8 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
| 9 | 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
|
| 10 | Standard of living of a country can be raised if it increases |
A. labour force
B. production
C. money supply
D. exports
|
Test Questions
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