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 Equilibrium price of a product is determined by:
  • A. The gomverment
  • B. An industrialist
  • C. Market competition
  • D. An agriculturist
2 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
3 Which is true
  • A. labour produces land
  • B. land produces labour
  • C. labour produces capital
  • D. capital produces labour
4 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)
5 For production of goods we need factors
  • A. few
  • B. 2
  • C. 4
  • D. unlimited
6 Natural environment that supports production of goods and services is included in
  • A. labour
  • B. money
  • C. capital
  • D. land
7 Labour is hirable but you cannot hire
  • A. capital
  • B. land
  • C. manager
  • D. entrepreneur
8 When demand rises more than supply price of the product will.
  • A. Rise
  • B. Fall
  • C. Remains unchanged
  • D. None of the three
9 If a firm increases the ratio of capital to labour, it becomes more
  • A. labour intensive
  • B. capital intensive
  • C. output intensive
  • D. input intensive
10 When supply rises more than demand price of the product will.
  • A. Rise
  • B. Fall
  • C. Remain unchanged
  • D. Non of the three

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

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