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

Equilibrium price of a product is determined by:

Question # 2

Productivity of land can be raised by

Question # 3

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

Question # 4

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

Question # 5

Economic goods produced by firms are called

Question # 6

An example of natural resource is

Question # 7

Given the demand curve, a rise in supply will.

Question # 8

The three broad types of productive resources are

Question # 9

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

Question # 10

The transformation of resources into economic goods and services is called

Question # 11

Given the supply curve, a fall in demand will.

Question # 12

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

Question # 13

Which is true

Question # 14

The supply of perishable goods is.

Question # 15

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

Question # 16

Which of the following is NOT an input

Question # 17

Production in economic means

Question # 18

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

Question # 19

Geographical mobility is not possible for

Question # 20

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

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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 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
2 Productivity of land can be raised by
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
3 Labour is hirable but you cannot hire
A. capital
B. land
C. manager
D. entrepreneur
4 Equilibrium price of a product is determined by:
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
5 If the government supplies a product at a price less than the equilibrium price, it will create:
A. Shortage
B. Surlius
C. Non of the two
D. Equilibrium quantity
6 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
7 Production in economic means
A. factors of production
B. doing some job
C. output of goods
D. profit
8 Geographical mobility is not possible for
A. land
B. labour
C. capital
D. wealth
9 The supply of perishable goods is.
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
10 Which of the following factors takes risk, innovates and coordinates
A. capital
B. labour
C. bank
D. entrepreneur

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