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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
With a fixed in the market period, if the demand of a product rises, then:
Question # 2
Which of the following is NOT an input
Question # 3
Economic goods produced by firms are called
Question # 4
For production of goods we need factors
Question # 5
The transformation of resources into economic gods and services is
Question # 6
Production in economic means
Question # 7
Which of the following factors takes risk, innovates and coordinates
Question # 8
Given the demand curve, a rise in supply will.
Question # 9
If supply rises more than demand, price of the product will.
Question # 10
Equilibrium price of a product is determined by:
Question # 11
If a firm increases the ratio of capital to labour, it becomes more
Question # 12
When demand rises more than supply price of the product will.
Question # 13
Price determined in case of a perishable good will be.
Question # 14
When both demand and supply fall in equal proportions, price of the product will .
Question # 15
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 16
Which of the following is correct with respect to resources
Question # 17
Natural environment that supports production of goods and services is included in
Question # 18
Land means
Question # 19
Geographical mobility is not possible for
Question # 20
Standard of living of a country can be raised if it increases
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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M Maheen 19 - Feb - 2021 02 Min 46 Sec 19/20 -
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 -
A aesha ghafoor 31 - May - 2023 03 Min 43 Sec 17/20 -
T Tasneem 09 - Feb - 2019 03 Min 59 Sec 17/20 -
A Aiman Afaq 25 - Jul - 2023 04 Min 34 Sec 17/20 -
M M.Attiq-U-Rehman 24 - Nov - 2023 03 Min 16 Sec 16/20 -
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H hamza abid 21 - Jul - 2022 10 Min 50 Sec 16/20 -
M Malaika 01 - Feb - 2021 04 Min 13 Sec 15/20 -
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M Muhammad Inam 08 - Jan - 2019 04 Min 27 Sec 15/20 -
N Nisha 30 - Jul - 2021 06 Min 05 Sec 15/20 -
K Khushi Gupta 10 - Jan - 2022 12 Min 37 Sec 15/20
ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
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| 2 | An example of natural resource is |
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
|
| 3 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 4 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
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| 5 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 6 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 7 | Land means |
A. sea
B. surface of earth
C. natural forests
D. all natural resources
|
| 8 | Which is true |
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
|
| 9 | 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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| 10 | Standard of living of a country can be raised if it increases |
A. labour force
B. production
C. money supply
D. exports
|
Test Questions
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