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"

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Economics Ics Part 1 English Medium Chapter 7 Online Test

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Question # 1

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

Question # 2

Land means

Question # 3

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

Question # 4

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

Question # 5

Production in economic means

Question # 6

Which of the following is NOT an input

Question # 7

Which is true

Question # 8

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

Question # 9

Which of the following input factor takes risk, innovates and coordinates

Question # 10

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

Question # 11

Land as used in economics

Question # 12

Labour is hirable but you cannot hire

Question # 13

Economic development of a country requires

Question # 14

Productivity of land can be raised by

Question # 15

Economic goods produced by firms are called

Question # 16

For production of goods we need factors

Question # 17

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

Question # 18

The three broad types of productive resources are

Question # 19

Equilibrium price of a product is determined by:

Question # 20

The transformation of resources into economic gods and services is

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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 Land as used in economics
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
2 An example of natural resource is
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
3 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
4 Land is
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
5 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
6 Standard of living of a country can be raised if it increases
A. labour force
B. production
C. money supply
D. exports
7 When supply rises more than demand price of the product will.
A. Rise
B. Fall
C. Remain unchanged
D. Non of the three
8 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
9 Which is true
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
10 Price determined in case of a perishable good will be.
A. Normal price
B. Market price
C. Short run price
D. Long run price

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