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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 goods produced by firms are called
Question # 2
Given the supply curve, a fall in demand will.
Question # 3
Price determined in case of a perishable good will be.
Question # 4
With a fixed in the market period, if the demand of a product rises, then:
Question # 5
Long-run price of a durable good is always less than its short run price . it is because.
Question # 6
The three broad types of productive resources are
Question # 7
When both demand and supply fall in equal proportions, price of the product will .
Question # 8
Economic development of a country requires
Question # 9
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 10
The transformation of resources into economic goods and services is called
Question # 11
For production of goods we need factors
Question # 12
Land means
Question # 13
Which of the following is correct with respect to resources
Question # 14
Natural environment that supports production of goods and services is included in
Question # 15
An example of natural resource is
Question # 16
Land as used in economics
Question # 17
Production in economic means
Question # 18
The supply of perishable goods is.
Question # 19
Equilibrium price of a product is determined by:
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 | The transformation of resources into economic gods and services is |
A. input
B. production
C. entrepreneur
D. market
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| 3 | 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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| 4 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
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| 5 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
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| 6 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
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| 7 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
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| 8 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
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| 9 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
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| 10 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
Test Questions