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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 following is NOTa factor of production
Question # 4
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 5
The transformation of resources into economic goods and services is called
Question # 6
Land is
Question # 7
When supply rises more than demand price of the product will.
Question # 8
Geographical mobility is not possible for
Question # 9
If a firm increases the ratio of capital to labour, it becomes more
Question # 10
Which of the following is NOT an input
Question # 11
An example of natural resource is
Question # 12
Land as used in economics
Question # 13
Which of the following input factor takes risk, innovates and coordinates
Question # 14
The supply of perishable goods is.
Question # 15
Labour is hirable but you cannot hire
Question # 16
With a fixed in the market period, if the demand of a product rises, then:
Question # 17
Which of the following is correct with respect to resources
Question # 18
The transformation of resources into economic gods and services is
Question # 19
Productivity of land can be raised by
Question # 20
Price determined in case of a perishable good will be.
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 -
T Tasneem 09 - Feb - 2019 03 Min 59 Sec 17/20 -
A Aiman Afaq 25 - Jul - 2023 04 Min 34 Sec 17/20 -
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 -
D Duaa 22 - Nov - 2021 04 Min 26 Sec 15/20 -
N Nisha 30 - Jul - 2021 06 Min 05 Sec 15/20 -
K Khushi Gupta 10 - Jan - 2022 12 Min 37 Sec 15/20 -
E ekta 05 - Aug - 2021 03 Min 31 Sec 14/20
ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Which of the following input factor takes risk, innovates and coordinates |
A. capital
B. labour
C. productivity
D. entrepreneur
|
| 2 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 3 | Economic goods produced by firms are called |
A. productivity
B. innovation
C. technological progress
D. output
|
| 4 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
|
| 5 | Equilibrium price of a product is determined by: |
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
|
| 6 | 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
|
| 7 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
| 8 | 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
|
| 9 | For production of goods we need factors |
A. few
B. 2
C. 4
D. unlimited
|
| 10 | Land means |
A. sea
B. surface of earth
C. natural forests
D. all natural resources
|
Test Questions
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