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

00:00
Question # 1

Land is

Question # 2

Labour is hirable but you cannot hire

Question # 3

Economic goods produced by firms are called

Question # 4

Which of the following factors takes risk, innovates and coordinates

Question # 5

Which of the following is correct with respect to resources

Question # 6

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

Question # 7

The transformation of resources into economic gods and services is

Question # 8

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

Question # 9

Equilibrium price of a product is determined by:

Question # 10

Land means

Question # 11

Geographical mobility is not possible for

Question # 12

Long-run price of a durable good is always less than its short run price . it is because.

Question # 13

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

Question # 14

Production in economic means

Question # 15

For production of goods we need factors

Question # 16

The three broad types of productive resources are

Question # 17

An example of natural resource is

Question # 18

When both demand and supply fall in equal proportions, price of the product will .

Question # 19

Productivity of land can be raised by

Question # 20

Land as used in economics

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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 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
2 The transformation of resources into economic gods and services is
A. input
B. production
C. entrepreneur
D. market
3 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
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 Geographical mobility is not possible for
A. land
B. labour
C. capital
D. wealth
6 Economic development of a country requires
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
7 The supply of perishable goods is.
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
8 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
9 Land means
A. sea
B. surface of earth
C. natural forests
D. all natural resources
10 Standard of living of a country can be raised if it increases
A. labour force
B. production
C. money supply
D. exports

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