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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
An example of natural resource is
Question # 2
The transformation of resources into economic gods and services is
Question # 3
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 4
Which of the following input factor takes risk, innovates and coordinates
Question # 5
When supply rises more than demand price of the product will.
Question # 6
Long-run price of a durable good is always less than its short run price . it is because.
Question # 7
Geographical mobility is not possible for
Question # 8
The supply of perishable goods is.
Question # 9
Which of the following factors takes risk, innovates and coordinates
Question # 10
For production of goods we need factors
Question # 11
Which is true
Question # 12
If a firm increases the ratio of capital to labour, it becomes more
Question # 13
Which of the following is NOT an input
Question # 14
When demand rises more than supply price of the product will.
Question # 15
Land is
Question # 16
Land, labour and capital are needed to produce goods. They are collectively called
Question # 17
Which of the following is correct with respect to resources
Question # 18
Price determined in case of a perishable good will be.
Question # 19
With a fixed in the market period, if the demand of a product rises, then:
Question # 20
Given the demand curve, a rise in supply will.
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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R romana 24 - Jun - 2021 12 Min 13 Sec 19/20 -
A Anum Fatima 19 - Jun - 2023 00 Min 02 Sec 18/20 -
A Ali Hassan 10 - Sep - 2022 03 Min 17 Sec 17/20 -
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M M.Attiq-U-Rehman 24 - Nov - 2023 03 Min 16 Sec 16/20 -
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ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | 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
|
| 3 | 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
|
| 4 | Economic development of a country requires |
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
|
| 5 | Given the demand curve, a rise in supply will. |
A. Increase quantity supplied
B. Price will fall
C. Price will rise
D. Both (a) and (b)
|
| 6 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 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 | Land means |
A. sea
B. surface of earth
C. natural forests
D. all natural resources
|
| 9 | Which is true |
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
|
| 10 | 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
|
Test Questions