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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
For production of goods we need factors
Question # 2
Land is
Question # 3
The transformation of resources into economic goods and services is called
Question # 4
Which of the following is correct with respect to resources
Question # 5
Which of the following input factor takes risk, innovates and coordinates
Question # 6
Price determined in case of a perishable good will be.
Question # 7
Geographical mobility is not possible for
Question # 8
Natural environment that supports production of goods and services is included in
Question # 9
If supply rises more than demand, price of the product will.
Question # 10
Which of the following is NOT an input
Question # 11
Which of the following factors takes risk, innovates and coordinates
Question # 12
Which is true
Question # 13
An example of natural resource is
Question # 14
Standard of living of a country can be raised if it increases
Question # 15
When supply rises more than demand price of the product will.
Question # 16
The following is NOTa factor of production
Question # 17
The three broad types of productive resources are
Question # 18
Land means
Question # 19
When both demand and supply fall in equal proportions, price of the product will .
Question # 20
Labour is hirable but you cannot hire
ICS Part 1 Economics Chapter 7 MCQs Test
Top Scorers Of Chapter 7 "Economics Ics Part 1 English Medium Chapter 7 Online Test" MCQ`s Test
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ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
| 2 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 3 | 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
|
| 4 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 5 | 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
|
| 6 | For production of goods we need factors |
A. few
B. 2
C. 4
D. unlimited
|
| 7 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 8 | 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
|
| 9 | 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
|
| 10 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
Test Questions