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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
When both demand and supply fall in equal proportions, price of the product will .
Question # 2
Which of the following is NOT an input
Question # 3
Land is
Question # 4
Which of the following input factor takes risk, innovates and coordinates
Question # 5
When demand rises more than supply price of the product will.
Question # 6
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 7
Which of the following is correct with respect to resources
Question # 8
The supply of perishable goods is.
Question # 9
Long-run price of a durable good is always less than its short run price . it is because.
Question # 10
Land, labour and capital are needed to produce goods. They are collectively called
Question # 11
Price determined in case of a perishable good will be.
Question # 12
When supply rises more than demand price of the product will.
Question # 13
Production in economic means
Question # 14
Given the demand curve, a rise in supply will.
Question # 15
Economic development of a country requires
Question # 16
Labour is hirable but you cannot hire
Question # 17
Given the supply curve, a fall in demand will.
Question # 18
The three broad types of productive resources are
Question # 19
Which is true
Question # 20
An example of natural resource is
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 | Which is true |
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
|
| 2 | The transformation of resources into economic gods and services is |
A. input
B. production
C. entrepreneur
D. market
|
| 3 | When supply rises more than demand price of the product will. |
A. Rise
B. Fall
C. Remain unchanged
D. Non of the three
|
| 4 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 5 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 6 | 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
|
| 7 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
| 8 | 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
|
| 9 | 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
|
| 10 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
Test Questions
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