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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
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
The transformation of resources into economic goods and services is called
Question # 4
Which of the following is NOT an input
Question # 5
An example of natural resource is
Question # 6
Land is
Question # 7
Given the supply curve, a fall in demand will.
Question # 8
If supply rises more than demand, price of the product will.
Question # 9
Given the demand curve, a rise in supply will.
Question # 10
Land, labour and capital are needed to produce goods. They are collectively called
Question # 11
When supply rises more than demand price of the product will.
Question # 12
When both demand and supply fall in equal proportions, price of the product will .
Question # 13
Economic development of a country requires
Question # 14
Land means
Question # 15
If a firm increases the ratio of capital to labour, it becomes more
Question # 16
Natural environment that supports production of goods and services is included in
Question # 17
Which is true
Question # 18
Production in economic means
Question # 19
Land as used in economics
Question # 20
When demand rises more than supply price of the product will.
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 transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
| 3 | The transformation of resources into economic gods and services is |
A. input
B. production
C. entrepreneur
D. market
|
| 4 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
| 5 | 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
|
| 6 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 7 | 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
|
| 8 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
|
| 9 | An example of natural resource is |
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
|
| 10 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
Test Questions