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7th Chapter

ICS Part 1 Economics Chapter 7 MCQs Test

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

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

Sr. # Questions Answers Choice
1 Land means
  • A. sea
  • B. surface of earth
  • C. natural forests
  • D. all natural resources
2 Price determined in case of a perishable good will be.
  • A. Normal price
  • B. Market price
  • C. Short run price
  • D. Long run price
3 The transformation of resources into economic goods and services is called
  • A. technical efficiency
  • B. input
  • C. production
  • D. increasing returns
4 Natural environment that supports production of goods and services is included in
  • A. labour
  • B. money
  • C. capital
  • D. land
5 When supply rises more than demand price of the product will.
  • A. Rise
  • B. Fall
  • C. Remain unchanged
  • D. Non of the three
6 Long-run price of a durable good is always less than its short run price . it is because.
  • A. Long -run supply is more elastic than short-run supply curve.
  • B. Long -run supply is less elastic than short-run supply curve.
  • C. Long and short-run supply curves are equally elastic
  • D. None of the three
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 If supply rises more than demand, price of the product will.
  • A. Fall
  • B. Rise
  • C. Not change
  • D. Change
9 Labour is hirable but you cannot hire
  • A. capital
  • B. land
  • C. manager
  • D. entrepreneur
10 Economic goods produced by firms are called
  • A. productivity
  • B. innovation
  • C. technological progress
  • D. output

Top Scorers of Economics Ics Part 1 English Medium Chapter 7 Online Test

H

Hanif Wazir

Lahore30 - May - 2022

16/20
06 Mins 25 Sec
H

Hamza Abid

Abbottabad21 - Jul - 2022

16/20
10 Mins 50 Sec
M

Maria Habib

Lahore15 - May - 2022

10/20
04 Mins 05 Sec

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