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

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ICS Part 1 Economics Chapter Wise Test

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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Economics Ics Part 1 English Medium Chapter 7 Online Test

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Question # 1

Which of the following input factor takes risk, innovates and coordinates

Question # 2

If a firm increases the ratio of capital to labour, it becomes more

Question # 3

Land is

Question # 4

The three broad types of productive resources are

Question # 5

Land means

Question # 6

Which of the following factors takes risk, innovates and coordinates

Question # 7

Which of the following is NOT an input

Question # 8

The supply of perishable goods is.

Question # 9

Standard of living of a country can be raised if it increases

Question # 10

Economic goods produced by firms are called

Question # 11

The transformation of resources into economic gods and services is

Question # 12

Land as used in economics

Question # 13

Which of the following is correct with respect to resources

Question # 14

Productivity of land can be raised by

Question # 15

If supply rises more than demand, price of the product will.

Question # 16

Economic development of a country requires

Question # 17

Which is true

Question # 18

For production of goods we need factors

Question # 19

Given the supply curve, a fall in demand will.

Question # 20

If the government supplies a product at a price less than the equilibrium price, it will create:

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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 Geographical mobility is not possible for
A. land
B. labour
C. capital
D. wealth
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 If supply rises more than demand, price of the product will.
A. Fall
B. Rise
C. Not change
D. Change
4 The transformation of resources into economic goods and services is called
A. technical efficiency
B. input
C. production
D. increasing returns
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 Land means
A. sea
B. surface of earth
C. natural forests
D. all natural resources
7 When demand rises more than supply price of the product will.
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
8 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
9 Which of the following factors takes risk, innovates and coordinates
A. capital
B. labour
C. bank
D. entrepreneur
10 Natural environment that supports production of goods and services is included in
A. labour
B. money
C. capital
D. land

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