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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
Land is
Question # 2
If a firm increases the ratio of capital to labour, it becomes more
Question # 3
Given the demand curve, a rise in supply will.
Question # 4
The transformation of resources into economic goods and services is called
Question # 5
Equilibrium price of a product is determined by:
Question # 6
Which of the following factors takes risk, innovates and coordinates
Question # 7
Natural environment that supports production of goods and services is included in
Question # 8
Which of the following input factor takes risk, innovates and coordinates
Question # 9
Land as used in economics
Question # 10
When supply rises more than demand price of the product will.
Question # 11
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 12
With a fixed in the market period, if the demand of a product rises, then:
Question # 13
An example of natural resource is
Question # 14
Land means
Question # 15
Given the supply curve, a fall in demand will.
Question # 16
Economic development of a country requires
Question # 17
Geographical mobility is not possible for
Question # 18
The following is NOTa factor of production
Question # 19
Which is true
Question # 20
The three broad types of productive resources are
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 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 2 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 3 | 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
|
| 4 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 5 | 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)
|
| 6 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 7 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
|
| 8 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
|
| 9 | For production of goods we need factors |
A. few
B. 2
C. 4
D. unlimited
|
| 10 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
Test Questions
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