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"

Try The MCQ's Test For Chapter 7 "Economics Ics Part 1 English Medium Chapter 7 Online Test"

  • Total Questions20

  • Time Allowed30

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Economics Ics Part 1 English Medium Chapter 7 Online Test

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Question # 1

Which of the following factors takes risk, innovates and coordinates

Question # 2

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

Question # 3

Economic development of a country requires

Question # 4

Equilibrium price of a product is determined by:

Question # 5

The supply of perishable goods is.

Question # 6

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

Question # 7

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

Question # 8

When both demand and supply fall in equal proportions, price of the product will .

Question # 9

Land is

Question # 10

Geographical mobility is not possible for

Question # 11

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

Question # 12

Productivity of land can be raised by

Question # 13

The three broad types of productive resources are

Question # 14

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

Question # 15

Given the supply curve, a fall in demand will.

Question # 16

The transformation of resources into economic goods and services is called

Question # 17

Labour is hirable but you cannot hire

Question # 18

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

Question # 19

Production in economic means

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 Which is true
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
2 Land means
A. sea
B. surface of earth
C. natural forests
D. all natural resources
3 Which of the following factors takes risk, innovates and coordinates
A. capital
B. labour
C. bank
D. entrepreneur
4 Production in economic means
A. factors of production
B. doing some job
C. output of goods
D. profit
5 Land is
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
6 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
7 Standard of living of a country can be raised if it increases
A. labour force
B. production
C. money supply
D. exports
8 When demand rises more than supply price of the product will.
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
9 Land as used in economics
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
10 Equilibrium price of a product is determined by:
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist

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