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

Question # 1

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 # 2

When both demand and supply fall in equal proportions, price of the product will .

Fall A
Rise B
Remain the same C
None of the above D

Question # 3

Economic development of a country requires

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

Question # 4

Which is true

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

Question # 5

The three broad types of productive resources are

money, profit and interest A
capital, labour and natural resources B
labour, stock shares and deposits C
technology, landl and markets D

Question # 6

Which of the following is correct with respect to resources

Money is a capital good A
Human skills are a labour input B
Entrepreneur is part of the labour input C
Natural resources include human input D

Question # 7

Equilibrium price of a product is determined by:

The gomverment A
An industrialist B
Market competition C
An agriculturist D

Question # 8

Which of the following factors takes risk, innovates and coordinates

capital A
labour B
bank C
entrepreneur D

Question # 9

Productivity of land can be raised by

decreasing farm size A
intensive cultivation B
better marketing C
increasing money supply D

Question # 10

Labour is hirable but you cannot hire

capital A
land B
manager C
entrepreneur D

Question # 11

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 # 12

The supply of perishable goods is.

Elastic A
Inelastic B
Perfectly elastic C
None of the above D

Question # 13

Geographical mobility is not possible for

land A
labour B
capital C
wealth D

Question # 14

An example of natural resource is

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

Question # 15

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 # 16

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 # 17

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

Fall A
Rise B
Not change C
Change D

Question # 18

Land is

hirable A
not hirable B
homogeneous C
a form of capital D

Question # 19

The transformation of resources into economic goods and services is called

technical efficiency A
input B
production C
increasing returns D

Question # 20

Natural environment that supports production of goods and services is included in

labour A
money B
capital C
land D

Sr.#	Question	Answer
1	Natural environment that supports production of goods and services is included in	A. labour B. money C. capital D. land
2	Production in economic means	A. factors of production B. doing some job C. output of goods D. profit
3	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
4	An example of natural resource is	A. factory B. skilled doctor C. oil reserves in the ground D. oil reserves in storage tank
5	If supply rises more than demand, price of the product will.	A. Fall B. Rise C. Not change D. Change
6	The following is NOTa factor of production	A. labour B. entrepreneurship C. land D. money
7	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
8	Geographical mobility is not possible for	A. land B. labour C. capital D. wealth
9	Labour is hirable but you cannot hire	A. capital B. land C. manager D. entrepreneur
10	Productivity of land can be raised by	A. decreasing farm size B. intensive cultivation C. better marketing D. increasing money supply

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Economics Ics Part 1 English Medium Chapter 7 Online Test

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

When both demand and supply fall in equal proportions, price of the product will .

Economic development of a country requires

Which is true

The three broad types of productive resources are

Which of the following is correct with respect to resources

Equilibrium price of a product is determined by:

Which of the following factors takes risk, innovates and coordinates

Productivity of land can be raised by

Labour is hirable but you cannot hire

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

The supply of perishable goods is.

Geographical mobility is not possible for

An example of natural resource is

Given the demand curve, a rise in supply will.

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

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

Land is

The transformation of resources into economic goods and services is called

Natural environment that supports production of goods and services is included in

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