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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
Which of the following factors takes risk, innovates and coordinates
Question # 2
The transformation of resources into economic gods and services is
Question # 3
Economic goods produced by firms are called
Question # 4
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 5
Equilibrium price of a product is determined by:
Question # 6
If a firm increases the ratio of capital to labour, it becomes more
Question # 7
Price determined in case of a perishable good will be.
Question # 8
The following is NOTa factor of production
Question # 9
With a fixed in the market period, if the demand of a product rises, then:
Question # 10
Long-run price of a durable good is always less than its short run price . it is because.
Question # 11
Which of the following input factor takes risk, innovates and coordinates
Question # 12
When both demand and supply fall in equal proportions, price of the product will .
Question # 13
Which of the following is NOT an input
Question # 14
Standard of living of a country can be raised if it increases
Question # 15
For production of goods we need factors
Question # 16
If supply rises more than demand, price of the product will.
Question # 17
Production in economic means
Question # 18
Given the supply curve, a fall in demand will.
Question # 19
Land as used in economics
Question # 20
Productivity of land can be raised by
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 supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 2 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
| 3 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 4 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
| 5 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 6 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 7 | 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
|
| 8 | 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
|
| 9 | 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
|
| 10 | Standard of living of a country can be raised if it increases |
A. labour force
B. production
C. money supply
D. exports
|
Test Questions
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