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"

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Economics Ics Part 1 English Medium Chapter 7 Online Test

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Question # 1

The following is NOTa factor of production

Question # 2

Production in economic means

Question # 3

The supply of perishable goods is.

Question # 4

Productivity of land can be raised by

Question # 5

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

Question # 6

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

Question # 7

Which of the following factors takes risk, innovates and coordinates

Question # 8

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

Question # 9

Price determined in case of a perishable good will be.

Question # 10

Land means

Question # 11

If supply rises more than demand, price of the product will.

Question # 12

Land as used in economics

Question # 13

Economic development of a country requires

Question # 14

Geographical mobility is not possible for

Question # 15

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

Question # 16

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

Question # 17

Land is

Question # 18

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

Question # 19

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

Question # 20

The three broad types of productive resources are

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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 The following is NOTa factor of production
A. labour
B. entrepreneurship
C. land
D. money
2 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
3 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)
4 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
5 Equilibrium price of a product is determined by:
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
6 Geographical mobility is not possible for
A. land
B. labour
C. capital
D. wealth
7 Which of the following is correct with respect to resources
A. Money is a capital good
B. Human skills are a labour input
C. Entrepreneur is part of the labour input
D. Natural resources include human input
8 When supply rises more than demand price of the product will.
A. Rise
B. Fall
C. Remain unchanged
D. Non of the three
9 The transformation of resources into economic goods and services is called
A. technical efficiency
B. input
C. production
D. increasing returns
10 Standard of living of a country can be raised if it increases
A. labour force
B. production
C. money supply
D. exports

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