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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
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Question # 1
Long-run price of a durable good is always less than its short run price . it is because.
Question # 2
The transformation of resources into economic gods and services is
Question # 3
An example of natural resource is
Question # 4
Given the demand curve, a rise in supply will.
Question # 5
Which of the following factors takes risk, innovates and coordinates
Question # 6
Which of the following is correct with respect to resources
Question # 7
Price determined in case of a perishable good will be.
Question # 8
The supply of perishable goods is.
Question # 9
Economic development of a country requires
Question # 10
Natural environment that supports production of goods and services is included in
Question # 11
Land means
Question # 12
Which is true
Question # 13
Land, labour and capital are needed to produce goods. They are collectively called
Question # 14
With a fixed in the market period, if the demand of a product rises, then:
Question # 15
For production of goods we need factors
Question # 16
The following is NOTa factor of production
Question # 17
The three broad types of productive resources are
Question # 18
Geographical mobility is not possible for
Question # 19
If a firm increases the ratio of capital to labour, it becomes more
Question # 20
Which of the following is NOT an input
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 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
| 2 | The three broad types of productive resources are |
A. money, profit and interest
B. capital, labour and natural resources
C. labour, stock shares and deposits
D. technology, landl and markets
|
| 3 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 4 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
|
| 5 | 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
|
| 6 | Standard of living of a country can be raised if it increases |
A. labour force
B. production
C. money supply
D. exports
|
| 7 | Which of the following input factor takes risk, innovates and coordinates |
A. capital
B. labour
C. productivity
D. entrepreneur
|
| 8 | Equilibrium price of a product is determined by: |
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
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| 9 | 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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| 10 | 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
|
Test Questions
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