11th class Economics chapter 7 online mcq test with answers for ICS part 1 Economics chapter 7 (Production and Production Function)

Question # 1

Land, labour and capital are needed to produce goods. They are collectively called

elements of production A
factors of production B
tools of production C
cost of production D

Question # 2

Economic development of a country requires

skilled lobour A
diplomacy B
abundant natural resources C
a and c of aboce D

Question # 3

Which of the following is NOT an input

labour A
entrepreneurship B
natural resources C
production D

Question # 4

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

Fall A
Rise B
Not change C
Change D

Question # 5

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

labour intensive A
capital intensive B
output intensive C
input intensive D

Question # 6

With a fixed in the market period, if the demand of a product rises, then:

Price will fall A
Price will rise B
Price will remain the same C
None of the three D

Question # 7

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

labour force A
production B
money supply C
exports D

Question # 8

The following is NOTa factor of production

labour A
entrepreneurship B
land C
money D

Question # 9

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

Shortage A
Surlius B
Non of the two C
Equilibrium quantity D

Question # 10

The transformation of resources into economic gods and services is

input A
production B
entrepreneur C
market D

Question # 11

An example of natural resource is

factory A
skilled doctor B
oil reserves in the ground C
oil reserves in storage tank D

Question # 12

When supply rises more than demand price of the product will.

Rise A
Fall B
Remain unchanged C
Non of the three D

Question # 13

Labour is hirable but you cannot hire

capital A
land B
manager C
entrepreneur D

Question # 14

Given the supply curve, a fall in demand will.

Increase equilibrium quantity of the product A
Decrease equilibrium quantity of the product B
Not affect equilibrium quantity C
Not affect equilibrium price D

Question # 15

Which is true

labour produces land A
land produces labour B
labour produces capital C
capital produces labour D

Question # 16

Production in economic means

factors of production A
doing some job B
output of goods C
profit D

Question # 17

Given the demand curve, a rise in supply will.

Increase quantity supplied A
Price will fall B
Price will rise C
Both (a) and (b) D

Question # 18

Which of the following factors takes risk, innovates and coordinates

capital A
labour B
bank C
entrepreneur D

Question # 19

Long-run price of a durable good is always less than its short run price . it is because.

Long -run supply is more elastic than short-run supply curve. A
Long -run supply is less elastic than short-run supply curve. B
Long and short-run supply curves are equally elastic C
None of the three D

Question # 20

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

capital A
labour B
productivity C
entrepreneur D

Sr.#	Question	Answer
1	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
2	Economic development of a country requires	A. skilled lobour B. diplomacy C. abundant natural resources D. a and c of aboce
3	Given the supply curve, a fall in demand will.	A. Increase equilibrium quantity of the product B. Decrease equilibrium quantity of the product C. Not affect equilibrium quantity D. Not affect equilibrium price
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	Which is true	A. labour produces land B. land produces labour C. labour produces capital D. capital produces labour
6	Productivity of land can be raised by	A. decreasing farm size B. intensive cultivation C. better marketing D. increasing money supply
7	Labour is hirable but you cannot hire	A. capital B. land C. manager D. entrepreneur
8	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
9	The transformation of resources into economic goods and services is called	A. technical efficiency B. input C. production D. increasing returns
10	When supply rises more than demand price of the product will.	A. Rise B. Fall C. Remain unchanged D. Non of the three

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Economics Ics Part 1 English Medium Chapter 7 Online Test

Land, labour and capital are needed to produce goods. They are collectively called

Economic development of a country requires

Which of the following is NOT an input

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

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

With a fixed in the market period, if the demand of a product rises, then:

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

The following is NOTa factor of production

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

The transformation of resources into economic gods and services is

An example of natural resource is

When supply rises more than demand price of the product will.

Labour is hirable but you cannot hire

Given the supply curve, a fall in demand will.

Which is true

Production in economic means

Given the demand curve, a rise in supply will.

Which of the following factors takes risk, innovates and coordinates

Long-run price of a durable good is always less than its short run price . it is because.

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

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