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7th Chapter

ICS Part 1 Economics Chapter 7 MCQs Test

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

First Year Economics Chapter 7 Online MCQ Test for 1st Year Economics Chapter 7 (Production and Production Function)

Sr. # Questions Answers Choice
1 The supply of perishable goods is.
  • A. Elastic
  • B. Inelastic
  • C. Perfectly elastic
  • D. None of the above
2 The transformation of resources into economic goods and services is called
  • A. technical efficiency
  • B. input
  • C. production
  • D. increasing returns
3 Equilibrium price of a product is determined by:
  • A. The gomverment
  • B. An industrialist
  • C. Market competition
  • D. An agriculturist
4 The transformation of resources into economic gods and services is
  • A. input
  • B. production
  • C. entrepreneur
  • D. market
5 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
6 Which of the following factors takes risk, innovates and coordinates
  • A. capital
  • B. labour
  • C. bank
  • D. entrepreneur
7 Which of the following is NOT an input
  • A. labour
  • B. entrepreneurship
  • C. natural resources
  • D. production
8 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
9 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
10 Economic goods produced by firms are called
  • A. productivity
  • B. innovation
  • C. technological progress
  • D. output

Top Scorers of Economics Ics Part 1 English Medium Chapter 7 Online Test

A

Aesha Ghafoor

Lahore31 - May - 2023

17/20
03 Mins 43 Sec
A

Aesha Ghafoor

Lahore31 - May - 2023

17/20
03 Mins 43 Sec
P

Pigeons Planet

Lahore17 - May - 2023

14/20
04 Mins 57 Sec
A

Aneeza Usman

Lahore16 - Mar - 2023

12/20
05 Mins 32 Sec
A

Aesha Ghafoor

Lahore31 - May - 2023

11/20
07 Mins 20 Sec

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