First Year Economics Chapter 7 Online MCQ Test for 1st Year Economics Chapter 7 (Production and Production Function)

This online test contains MCQs about following topics:

Factors of production - Production Function

ICS Part 1 Economics Chapter 7 Test

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ICS Part 1 Economics Chapter Wise Test

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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Economics Ics Part 1 English Medium Chapter 7 Online Test

00:00
Question # 1

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

Question # 2

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

Question # 3

Which of the following is NOT an input

Question # 4

Which is true

Question # 5

For production of goods we need factors

Question # 6

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

Question # 7

Labour is hirable but you cannot hire

Question # 8

The following is NOTa factor of production

Question # 9

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

Question # 10

The transformation of resources into economic goods and services is called

Question # 11

Productivity of land can be raised by

Question # 12

Which of the following factors takes risk, innovates and coordinates

Question # 13

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

Question # 14

Equilibrium price of a product is determined by:

Question # 15

Economic development of a country requires

Question # 16

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

Question # 17

Land is

Question # 18

The transformation of resources into economic gods and services is

Question # 19

Land means

Question # 20

The supply of perishable goods is.

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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 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)
2 Natural environment that supports production of goods and services is included in
A. labour
B. money
C. capital
D. land
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 Geographical mobility is not possible for
A. land
B. labour
C. capital
D. wealth
5 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
6 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
7 Which of the following input factor takes risk, innovates and coordinates
A. capital
B. labour
C. productivity
D. entrepreneur
8 For production of goods we need factors
A. few
B. 2
C. 4
D. unlimited
9 Price determined in case of a perishable good will be.
A. Normal price
B. Market price
C. Short run price
D. Long run price
10 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

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