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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
Production in economic means
Question # 2
Natural environment that supports production of goods and services is included in
Question # 3
Land is
Question # 4
Price determined in case of a perishable good will be.
Question # 5
For production of goods we need factors
Question # 6
Given the demand curve, a rise in supply will.
Question # 7
The three broad types of productive resources are
Question # 8
The transformation of resources into economic gods and services is
Question # 9
Productivity of land can be raised by
Question # 10
Economic goods produced by firms are called
Question # 11
Economic development of a country requires
Question # 12
The supply of perishable goods is.
Question # 13
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 14
The following is NOTa factor of production
Question # 15
Land, labour and capital are needed to produce goods. They are collectively called
Question # 16
Land as used in economics
Question # 17
Which of the following input factor takes risk, innovates and coordinates
Question # 18
Which of the following is NOT an input
Question # 19
Land means
Question # 20
Long-run price of a durable good is always less than its short run price . it is because.
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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ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Equilibrium price of a product is determined by: |
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
|
| 2 | Economic goods produced by firms are called |
A. productivity
B. innovation
C. technological progress
D. output
|
| 3 | When supply rises more than demand price of the product will. |
A. Rise
B. Fall
C. Remain unchanged
D. Non of the three
|
| 4 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 5 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
| 6 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 7 | Standard of living of a country can be raised if it increases |
A. labour force
B. production
C. money supply
D. exports
|
| 8 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
| 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 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
Test Questions