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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
Equilibrium price of a product is determined by:
Question # 2
When both demand and supply fall in equal proportions, price of the product will .
Question # 3
Which of the following factors takes risk, innovates and coordinates
Question # 4
If a firm increases the ratio of capital to labour, it becomes more
Question # 5
Which is true
Question # 6
Productivity of land can be raised by
Question # 7
The supply of perishable goods is.
Question # 8
When supply rises more than demand price of the product will.
Question # 9
Given the supply curve, a fall in demand will.
Question # 10
If supply rises more than demand, price of the product will.
Question # 11
Long-run price of a durable good is always less than its short run price . it is because.
Question # 12
Given the demand curve, a rise in supply will.
Question # 13
The transformation of resources into economic gods and services is
Question # 14
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 15
Which of the following input factor takes risk, innovates and coordinates
Question # 16
Labour is hirable but you cannot hire
Question # 17
Which of the following is NOT an input
Question # 18
Land means
Question # 19
The three broad types of productive resources are
Question # 20
For production of goods we need factors
ICS Part 1 Economics Chapter 7 MCQs Test
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ICS Part 1 Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
|
| 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 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
|
| 4 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
| 5 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 6 | If the government supplies a product at a price less than the equilibrium price, it will create: |
A. Shortage
B. Surlius
C. Non of the two
D. Equilibrium quantity
|
| 7 | Given the supply curve, a fall in demand will. |
A. Increase equilibrium quantity of the product
B. Decrease equilibrium quantity of the product
C. Not affect equilibrium quantity
D. Not affect equilibrium price
|
| 8 | Natural environment that supports production of goods and services is included in |
A. labour
B. money
C. capital
D. land
|
| 9 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 10 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
Test Questions