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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 is NOT an input
Question # 2
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 3
Economic development of a country requires
Question # 4
Which of the following factors takes risk, innovates and coordinates
Question # 5
Which is true
Question # 6
Land, labour and capital are needed to produce goods. They are collectively called
Question # 7
When demand rises more than supply price of the product will.
Question # 8
Given the supply curve, a fall in demand will.
Question # 9
The transformation of resources into economic goods and services is called
Question # 10
Geographical mobility is not possible for
Question # 11
When supply rises more than demand price of the product will.
Question # 12
Which of the following is correct with respect to resources
Question # 13
The supply of perishable goods is.
Question # 14
For production of goods we need factors
Question # 15
Land means
Question # 16
Labour is hirable but you cannot hire
Question # 17
An example of natural resource is
Question # 18
Land as used in economics
Question # 19
If supply rises more than demand, price of the product will.
Question # 20
Land is
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 | Economic development of a country requires |
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
|
| 2 | 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
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| 3 | Land means |
A. sea
B. surface of earth
C. natural forests
D. all natural resources
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| 4 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
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| 5 | Standard of living of a country can be raised if it increases |
A. labour force
B. production
C. money supply
D. exports
|
| 6 | The three broad types of productive resources are |
A. money, profit and interest
B. capital, labour and natural resources
C. labour, stock shares and deposits
D. technology, landl and markets
|
| 7 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 8 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
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| 9 | 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)
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| 10 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
Test Questions
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