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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
Economic goods produced by firms are called
Question # 2
Land, labour and capital are needed to produce goods. They are collectively called
Question # 3
The supply of perishable goods is.
Question # 4
Which of the following is correct with respect to resources
Question # 5
Which is true
Question # 6
The following is NOTa factor of production
Question # 7
For production of goods we need factors
Question # 8
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 9
Economic development of a country requires
Question # 10
Long-run price of a durable good is always less than its short run price . it is because.
Question # 11
Labour is hirable but you cannot hire
Question # 12
Land as used in economics
Question # 13
If a firm increases the ratio of capital to labour, it becomes more
Question # 14
Which of the following input factor takes risk, innovates and coordinates
Question # 15
Price determined in case of a perishable good will be.
Question # 16
Standard of living of a country can be raised if it increases
Question # 17
When both demand and supply fall in equal proportions, price of the product will .
Question # 18
Which of the following is NOT an input
Question # 19
Given the supply curve, a fall in demand will.
Question # 20
Given the demand curve, a rise in supply will.
ICS Part 1 Economics Chapter 7 MCQs Test
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A Anum Fatima 19 - Jun - 2023 00 Min 02 Sec 18/20 -
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ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | Which is true |
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
|
| 3 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 4 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 5 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
| 6 | 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
|
| 7 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
| 8 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
| 9 | Economic development of a country requires |
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
|
| 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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