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

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Economics Ics Part 1 English Medium Chapter 7 Online Test

00:00
Question # 1

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

Question # 2

If a firm increases the ratio of capital to labour, it becomes more

Question # 3

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

Question # 4

Price determined in case of a perishable good will be.

Question # 5

Productivity of land can be raised by

Question # 6

Production in economic means

Question # 7

Economic development of a country requires

Question # 8

For production of goods we need factors

Question # 9

Economic goods produced by firms are called

Question # 10

The three broad types of productive resources are

Question # 11

The following is NOTa factor of production

Question # 12

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

Question # 13

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

Question # 14

An example of natural resource is

Question # 15

Which of the following factors takes risk, innovates and coordinates

Question # 16

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

Question # 17

Which of the following is NOT an input

Question # 18

Geographical mobility is not possible for

Question # 19

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

Question # 20

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

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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 Labour is hirable but you cannot hire
A. capital
B. land
C. manager
D. entrepreneur
2 Economic goods produced by firms are called
A. productivity
B. innovation
C. technological progress
D. output
3 An example of natural resource is
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
4 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
5 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
6 The following is NOTa factor of production
A. labour
B. entrepreneurship
C. land
D. money
7 Productivity of land can be raised by
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
8 Land is
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
9 Which of the following factors takes risk, innovates and coordinates
A. capital
B. labour
C. bank
D. entrepreneur
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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