7th Chapter

ICS Part 1 Economics Chapter 7 MCQs Test

First Year Economics Chapter 7 Online MCQ Test for 1st Year Economics Chapter 7 (Production and Production Function)

This online test contains MCQs about following topics:

Factors of production - Production Function

ICS Part 1 Economics Chapter 7 Test

Start Chapter 7 Test

First Year Economics Chapter 7 Online MCQ Test for 1st Year Economics Chapter 7 (Production and Production Function)

Sr. # Questions Answers Choice
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 The transformation of resources into economic gods and services is
  • A. input
  • B. production
  • C. entrepreneur
  • D. market
3 The transformation of resources into economic goods and services is called
  • A. technical efficiency
  • B. input
  • C. production
  • D. increasing returns
4 Land means
  • A. sea
  • B. surface of earth
  • C. natural forests
  • D. all natural resources
5 Labour is hirable but you cannot hire
  • A. capital
  • B. land
  • C. manager
  • D. entrepreneur
6 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
7 Price determined in case of a perishable good will be.
  • A. Normal price
  • B. Market price
  • C. Short run price
  • D. Long run price
8 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
9 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
10 Economic goods produced by firms are called
  • A. productivity
  • B. innovation
  • C. technological progress
  • D. output

Top Scorers of Economics Ics Part 1 English Medium Chapter 7 Online Test

A

Ajmal Khan

Lahore19 - Apr - 2025

15/20
05 Mins 15 Sec

Share your comments questions here
Sort By:
X

Sign in

to continue to ilmkidunya.com

inquiry-image

Free Admission Advice

Fill the form. Our admission consultants will call you with admission options.

X

Sign in

to continue to ilmkidunya.com

X

Sign in

to continue to ilmkidunya.com

X

Forgot Password

to continue to ilmkidunya.com

X

Register Type

Please Provide following information to Register

  • Student
  • Tutor
  • Consultant
  • Employer