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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 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 With a fixed in the market period, if the demand of a product rises, then:
  • A. Price will fall
  • B. Price will rise
  • C. Price will remain the same
  • D. None of the three
3 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
4 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
5 Which is true
  • A. labour produces land
  • B. land produces labour
  • C. labour produces capital
  • D. capital produces labour
6 Which of the following factors takes risk, innovates and coordinates
  • A. capital
  • B. labour
  • C. bank
  • D. entrepreneur
7 Which of the following input factor takes risk, innovates and coordinates
  • A. capital
  • B. labour
  • C. productivity
  • D. entrepreneur
8 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
9 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
10 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

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