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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
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 3
Which of the following is NOT an input
Question # 4
Productivity of land can be raised by
Question # 5
When demand rises more than supply price of the product will.
Question # 6
If supply rises more than demand, price of the product will.
Question # 7
Geographical mobility is not possible for
Question # 8
The transformation of resources into economic gods and services is
Question # 9
The supply of perishable goods is.
Question # 10
Which of the following is correct with respect to resources
Question # 11
Production in economic means
Question # 12
If a firm increases the ratio of capital to labour, it becomes more
Question # 13
Economic goods produced by firms are called
Question # 14
Land means
Question # 15
Which is true
Question # 16
When supply rises more than demand price of the product will.
Question # 17
Standard of living of a country can be raised if it increases
Question # 18
Given the supply curve, a fall in demand will.
Question # 19
Land as used in economics
Question # 20
Long-run price of a durable good is always less than its short run price . it is because.
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 -
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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 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 2 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
| 3 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
|
| 4 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
| 5 | Standard of living of a country can be raised if it increases |
A. labour force
B. production
C. money supply
D. exports
|
| 6 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 7 | Economic development of a country requires |
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
|
| 8 | Economic goods produced by firms are called |
A. productivity
B. innovation
C. technological progress
D. output
|
| 9 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
| 10 | If a firm increases the ratio of capital to labour, it becomes more |
A. labour intensive
B. capital intensive
C. output intensive
D. input intensive
|
Test Questions
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