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

ICS Part 1 Economics Chapter 7 Test

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ICS Part 1 Economics Chapter Wise Test

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"

  • Total Questions20

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Economics Ics Part 1 English Medium Chapter 7 Online Test

00:00
Question # 1

Economic development of a country requires

Question # 2

For production of goods we need factors

Question # 3

The transformation of resources into economic goods and services is called

Question # 4

Given the demand curve, a rise in supply will.

Question # 5

Labour is hirable but you cannot hire

Question # 6

If the government supplies a product at a price less than the equilibrium price, it will create:

Question # 7

Standard of living of a country can be raised if it increases

Question # 8

When demand rises more than supply price of the product will.

Question # 9

An example of natural resource is

Question # 10

Land, labour and capital are needed to produce goods. They are collectively called

Question # 11

The transformation of resources into economic gods and services is

Question # 12

Which of the following factors takes risk, innovates and coordinates

Question # 13

Which of the following is NOT an input

Question # 14

Productivity of land can be raised by

Question # 15

The three broad types of productive resources are

Question # 16

Production in economic means

Question # 17

Which is true

Question # 18

Land is

Question # 19

Given the supply curve, a fall in demand will.

Question # 20

Economic goods produced by firms are called

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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 The transformation of resources into economic gods and services is
A. input
B. production
C. entrepreneur
D. market
2 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
3 Land is
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
4 Natural environment that supports production of goods and services is included in
A. labour
B. money
C. capital
D. land
5 Which is true
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
6 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
7 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
8 Production in economic means
A. factors of production
B. doing some job
C. output of goods
D. profit
9 Productivity of land can be raised by
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
10 Which of the following input factor takes risk, innovates and coordinates
A. capital
B. labour
C. productivity
D. entrepreneur

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