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"

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  • Total Questions20

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Economics Ics Part 1 English Medium Chapter 7 Online Test

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Question # 1

Land means

Question # 2

Which of the following is correct with respect to resources

Question # 3

Land is

Question # 4

Land as used in economics

Question # 5

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

Question # 6

Economic development of a country requires

Question # 7

Productivity of land can be raised by

Question # 8

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

Question # 9

Geographical mobility is not possible for

Question # 10

The transformation of resources into economic goods and services is called

Question # 11

Given the demand curve, a rise in supply will.

Question # 12

The following is NOTa factor of production

Question # 13

Which is true

Question # 14

Natural environment that supports production of goods and services is included in

Question # 15

For production of goods we need factors

Question # 16

If supply rises more than demand, price of the product will.

Question # 17

An example of natural resource is

Question # 18

Labour is hirable but you cannot hire

Question # 19

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

Question # 20

With a fixed in the market period, if the demand of a product rises, then:

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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 Standard of living of a country can be raised if it increases
A. labour force
B. production
C. money supply
D. exports
2 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
3 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
4 Which of the following is NOT an input
A. labour
B. entrepreneurship
C. natural resources
D. production
5 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
6 Geographical mobility is not possible for
A. land
B. labour
C. capital
D. wealth
7 Production in economic means
A. factors of production
B. doing some job
C. output of goods
D. profit
8 If supply rises more than demand, price of the product will.
A. Fall
B. Rise
C. Not change
D. Change
9 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
10 The transformation of resources into economic gods and services is
A. input
B. production
C. entrepreneur
D. market

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