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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
Economic development of a country requires
Question # 2
Price determined in case of a perishable good will be.
Question # 3
The supply of perishable goods is.
Question # 4
The three broad types of productive resources are
Question # 5
If supply rises more than demand, price of the product will.
Question # 6
Natural environment that supports production of goods and services is included in
Question # 7
With a fixed in the market period, if the demand of a product rises, then:
Question # 8
Which of the following factors takes risk, innovates and coordinates
Question # 9
When demand rises more than supply price of the product will.
Question # 10
The transformation of resources into economic gods and services is
Question # 11
Equilibrium price of a product is determined by:
Question # 12
Production in economic means
Question # 13
Given the demand curve, a rise in supply will.
Question # 14
Given the supply curve, a fall in demand will.
Question # 15
Geographical mobility is not possible for
Question # 16
Economic goods produced by firms are called
Question # 17
When both demand and supply fall in equal proportions, price of the product will .
Question # 18
An example of natural resource is
Question # 19
For production of goods we need factors
Question # 20
Land is
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 means |
A. sea
B. surface of earth
C. natural forests
D. all natural resources
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| 2 | Economic development of a country requires |
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
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| 3 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
| 4 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
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| 5 | Which is true |
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
|
| 6 | Equilibrium price of a product is determined by: |
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
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| 7 | 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
|
| 8 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
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| 9 | When supply rises more than demand price of the product will. |
A. Rise
B. Fall
C. Remain unchanged
D. Non of the three
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| 10 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
Test Questions