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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
The three broad types of productive resources are
Question # 2
Price determined in case of a perishable good will be.
Question # 3
The transformation of resources into economic gods and services is
Question # 4
If supply rises more than demand, price of the product will.
Question # 5
Long-run price of a durable good is always less than its short run price . it is because.
Question # 6
Economic development of a country requires
Question # 7
The transformation of resources into economic goods and services is called
Question # 8
Natural environment that supports production of goods and services is included in
Question # 9
Land means
Question # 10
Economic goods produced by firms are called
Question # 11
Which is true
Question # 12
An example of natural resource is
Question # 13
When both demand and supply fall in equal proportions, price of the product will .
Question # 14
Productivity of land can be raised by
Question # 15
Given the supply curve, a fall in demand will.
Question # 16
Which of the following is NOT an input
Question # 17
Which of the following factors takes risk, innovates and coordinates
Question # 18
Land is
Question # 19
When demand rises more than supply price of the product will.
Question # 20
If the government supplies a product at a price less than the equilibrium price, it will create:
ICS Part 1 Economics Chapter 7 MCQs Test
Top Scorers Of Chapter 7 "Economics Ics Part 1 English Medium Chapter 7 Online Test" MCQ`s Test
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M Maheen 19 - Feb - 2021 02 Min 46 Sec 19/20 -
R romana 24 - Jun - 2021 12 Min 13 Sec 19/20 -
A Anum Fatima 19 - Jun - 2023 00 Min 02 Sec 18/20 -
A Ali Hassan 10 - Sep - 2022 03 Min 17 Sec 17/20 -
A aesha ghafoor 31 - May - 2023 03 Min 43 Sec 17/20 -
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M M.Attiq-U-Rehman 24 - Nov - 2023 03 Min 16 Sec 16/20 -
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M Malaika 01 - Feb - 2021 04 Min 13 Sec 15/20 -
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K Khushi Gupta 10 - Jan - 2022 12 Min 37 Sec 15/20
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 | 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 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
|
| 4 | 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
|
| 5 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
|
| 6 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 7 | Economic goods produced by firms are called |
A. productivity
B. innovation
C. technological progress
D. output
|
| 8 | When supply rises more than demand price of the product will. |
A. Rise
B. Fall
C. Remain unchanged
D. Non of the three
|
| 9 | 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
|
| 10 | An example of natural resource is |
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
|
Test Questions
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