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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
Production in economic means
Question # 2
Price determined in case of a perishable good will be.
Question # 3
Which of the following input factor takes risk, innovates and coordinates
Question # 4
Standard of living of a country can be raised if it increases
Question # 5
Economic development of a country requires
Question # 6
Which is true
Question # 7
Economic goods produced by firms are called
Question # 8
If supply rises more than demand, price of the product will.
Question # 9
Which of the following factors takes risk, innovates and coordinates
Question # 10
The transformation of resources into economic goods and services is called
Question # 11
Given the demand curve, a rise in supply will.
Question # 12
Land is
Question # 13
With a fixed in the market period, if the demand of a product rises, then:
Question # 14
Geographical mobility is not possible for
Question # 15
Which of the following is NOT an input
Question # 16
When demand rises more than supply price of the product will.
Question # 17
Productivity of land can be raised by
Question # 18
Equilibrium price of a product is determined by:
Question # 19
Land, labour and capital are needed to produce goods. They are collectively called
Question # 20
Which of the following is correct with respect to resources
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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M Maheen 19 - Feb - 2021 02 Min 46 Sec 19/20 -
R romana 24 - Jun - 2021 12 Min 13 Sec 19/20 -
A Anum Fatima 19 - Jun - 2023 00 Min 02 Sec 18/20 -
A Ali Hassan 10 - Sep - 2022 03 Min 17 Sec 17/20 -
A aesha ghafoor 31 - May - 2023 03 Min 43 Sec 17/20 -
T Tasneem 09 - Feb - 2019 03 Min 59 Sec 17/20 -
A Aiman Afaq 25 - Jul - 2023 04 Min 34 Sec 17/20 -
M M.Attiq-U-Rehman 24 - Nov - 2023 03 Min 16 Sec 16/20 -
H Hanif Wazir 30 - May - 2022 06 Min 25 Sec 16/20 -
H hamza abid 21 - Jul - 2022 10 Min 50 Sec 16/20 -
M Malaika 01 - Feb - 2021 04 Min 13 Sec 15/20 -
D Duaa 22 - Nov - 2021 04 Min 26 Sec 15/20 -
M Muhammad Inam 08 - Jan - 2019 04 Min 27 Sec 15/20 -
N Nisha 30 - Jul - 2021 06 Min 05 Sec 15/20 -
K Khushi Gupta 10 - Jan - 2022 12 Min 37 Sec 15/20
ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Natural environment that supports production of goods and services is included in |
A. labour
B. money
C. capital
D. land
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| 2 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
|
| 3 | 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)
|
| 4 | 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
|
| 5 | Land means |
A. sea
B. surface of earth
C. natural forests
D. all natural resources
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| 6 | 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
|
| 7 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
| 8 | 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
|
| 9 | When both demand and supply fall in equal proportions, price of the product will . |
A. Fall
B. Rise
C. Remain the same
D. None of the above
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| 10 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
Test Questions