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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
If supply rises more than demand, price of the product will.
Question # 2
Land is
Question # 3
Land, labour and capital are needed to produce goods. They are collectively called
Question # 4
The following is NOTa factor of production
Question # 5
When both demand and supply fall in equal proportions, price of the product will .
Question # 6
The transformation of resources into economic goods and services is called
Question # 7
When demand rises more than supply price of the product will.
Question # 8
Given the demand curve, a rise in supply will.
Question # 9
Which is true
Question # 10
Long-run price of a durable good is always less than its short run price . it is because.
Question # 11
When supply rises more than demand price of the product will.
Question # 12
Which of the following input factor takes risk, innovates and coordinates
Question # 13
Equilibrium price of a product is determined by:
Question # 14
Standard of living of a country can be raised if it increases
Question # 15
Production in economic means
Question # 16
If a firm increases the ratio of capital to labour, it becomes more
Question # 17
With a fixed in the market period, if the demand of a product rises, then:
Question # 18
The transformation of resources into economic gods and services is
Question # 19
Economic development of a country requires
Question # 20
Geographical mobility is not possible for
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 | 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
|
| 2 | When supply rises more than demand price of the product will. |
A. Rise
B. Fall
C. Remain unchanged
D. Non of the three
|
| 3 | The transformation of resources into economic gods and services is |
A. input
B. production
C. entrepreneur
D. market
|
| 4 | When both demand and supply fall in equal proportions, price of the product will . |
A. Fall
B. Rise
C. Remain the same
D. None of the above
|
| 5 | An example of natural resource is |
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
|
| 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 | 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
|
| 8 | With a fixed in the market period, if the demand of a product rises, then: |
A. Price will fall
B. Price will rise
C. Price will remain the same
D. None of the three
|
| 9 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 10 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
Test Questions
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