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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
If supply rises more than demand, price of the product will.
Question # 2
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 3
Natural environment that supports production of goods and services is included in
Question # 4
An example of natural resource is
Question # 5
If a firm increases the ratio of capital to labour, it becomes more
Question # 6
The three broad types of productive resources are
Question # 7
Which of the following factors takes risk, innovates and coordinates
Question # 8
Which of the following is correct with respect to resources
Question # 9
Which of the following is NOT an input
Question # 10
Labour is hirable but you cannot hire
Question # 11
Land, labour and capital are needed to produce goods. They are collectively called
Question # 12
Standard of living of a country can be raised if it increases
Question # 13
Long-run price of a durable good is always less than its short run price . it is because.
Question # 14
Geographical mobility is not possible for
Question # 15
Land means
Question # 16
Land is
Question # 17
Equilibrium price of a product is determined by:
Question # 18
When demand rises more than supply price of the product will.
Question # 19
The supply of perishable goods is.
Question # 20
Land as used in economics
ICS Part 1 Economics Chapter 7 MCQs Test
Top Scorers Of Chapter 7 "Economics Ics Part 1 English Medium Chapter 7 Online Test" MCQ`s Test
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A Anum Fatima 19 - Jun - 2023 00 Min 02 Sec 18/20 -
A Ali Hassan 10 - Sep - 2022 03 Min 17 Sec 17/20 -
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M M.Attiq-U-Rehman 24 - Nov - 2023 03 Min 16 Sec 16/20 -
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M Malaika 01 - Feb - 2021 04 Min 13 Sec 15/20 -
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E ekta 05 - Aug - 2021 03 Min 31 Sec 14/20
ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
| 2 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
| 3 | The three broad types of productive resources are |
A. money, profit and interest
B. capital, labour and natural resources
C. labour, stock shares and deposits
D. technology, landl and markets
|
| 4 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
|
| 5 | If the government supplies a product at a price less than the equilibrium price, it will create: |
A. Shortage
B. Surlius
C. Non of the two
D. Equilibrium quantity
|
| 6 | For production of goods we need factors |
A. few
B. 2
C. 4
D. unlimited
|
| 7 | When supply rises more than demand price of the product will. |
A. Rise
B. Fall
C. Remain unchanged
D. Non of the three
|
| 8 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 9 | The transformation of resources into economic gods and services is |
A. input
B. production
C. entrepreneur
D. market
|
| 10 | Which is true |
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
|
Test Questions