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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
The transformation of resources into economic goods and services is called
Question # 2
Economic development of a country requires
Question # 3
The transformation of resources into economic gods and services is
Question # 4
Which is true
Question # 5
Natural environment that supports production of goods and services is included in
Question # 6
When demand rises more than supply price of the product will.
Question # 7
Price determined in case of a perishable good will be.
Question # 8
With a fixed in the market period, if the demand of a product rises, then:
Question # 9
Long-run price of a durable good is always less than its short run price . it is because.
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
The three broad types of productive resources are
Question # 13
Land is
Question # 14
Which of the following is correct with respect to resources
Question # 15
If supply rises more than demand, price of the product will.
Question # 16
Given the supply curve, a fall in demand will.
Question # 17
Which of the following factors takes risk, innovates and coordinates
Question # 18
For production of goods we need factors
Question # 19
Equilibrium price of a product is determined by:
Question # 20
Productivity of land can be raised by
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 | 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
|
| 2 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 3 | Which is true |
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
|
| 4 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 5 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
|
| 6 | Land, labour and capital are needed to produce goods. They are collectively called |
A. elements of production
B. factors of production
C. tools of production
D. cost of production
|
| 7 | 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)
|
| 8 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
|
| 9 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
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| 10 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
Test Questions