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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
If a firm increases the ratio of capital to labour, it becomes more
Question # 2
When both demand and supply fall in equal proportions, price of the product will .
Question # 3
Labour is hirable but you cannot hire
Question # 4
The supply of perishable goods is.
Question # 5
When supply rises more than demand price of the product will.
Question # 6
Land means
Question # 7
The three broad types of productive resources are
Question # 8
The transformation of resources into economic goods and services is called
Question # 9
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 10
Which of the following is correct with respect to resources
Question # 11
Standard of living of a country can be raised if it increases
Question # 12
With a fixed in the market period, if the demand of a product rises, then:
Question # 13
If supply rises more than demand, price of the product will.
Question # 14
Given the demand curve, a rise in supply will.
Question # 15
Land as used in economics
Question # 16
Which of the following factors takes risk, innovates and coordinates
Question # 17
Productivity of land can be raised by
Question # 18
For production of goods we need factors
Question # 19
Land, labour and capital are needed to produce goods. They are collectively called
Question # 20
Economic goods produced by firms are called
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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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 | Standard of living of a country can be raised if it increases |
A. labour force
B. production
C. money supply
D. exports
|
| 2 | 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
|
| 3 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
| 4 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
| 5 | The transformation of resources into economic gods and services is |
A. input
B. production
C. entrepreneur
D. market
|
| 6 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 7 | Which of the following input factor takes risk, innovates and coordinates |
A. capital
B. labour
C. productivity
D. entrepreneur
|
| 8 | Economic development of a country requires |
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
|
| 9 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 10 | 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
|
Test Questions