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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 transformation of resources into economic gods and services is
Question # 2
For production of goods we need factors
Question # 3
The following is NOTa factor of production
Question # 4
Given the supply curve, a fall in demand will.
Question # 5
Which is true
Question # 6
Which of the following is correct with respect to resources
Question # 7
Which of the following input factor takes risk, innovates and coordinates
Question # 8
Given the demand curve, a rise in supply will.
Question # 9
Equilibrium price of a product is determined by:
Question # 10
Economic development of a country requires
Question # 11
The three broad types of productive resources are
Question # 12
If supply rises more than demand, price of the product will.
Question # 13
Standard of living of a country can be raised if it increases
Question # 14
Price determined in case of a perishable good will be.
Question # 15
Which of the following factors takes risk, innovates and coordinates
Question # 16
An example of natural resource is
Question # 17
Land means
Question # 18
When demand rises more than supply price of the product will.
Question # 19
Natural environment that supports production of goods and services is included in
Question # 20
Production in economic means
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 -
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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 -
E ekta 05 - Aug - 2021 03 Min 31 Sec 14/20
ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | For production of goods we need factors |
A. few
B. 2
C. 4
D. unlimited
|
| 2 | Equilibrium price of a product is determined by: |
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
|
| 3 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 4 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
| 5 | 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
|
| 6 | The transformation of resources into economic gods and services is |
A. input
B. production
C. entrepreneur
D. market
|
| 7 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 8 | Which is true |
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
|
| 9 | 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
|
| 10 | 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
|
Test Questions
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