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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
Given the demand curve, a rise in supply will.
Question # 2
When demand rises more than supply price of the product will.
Question # 3
Economic goods produced by firms are called
Question # 4
Geographical mobility is not possible for
Question # 5
Long-run price of a durable good is always less than its short run price . it is because.
Question # 6
For production of goods we need factors
Question # 7
An example of natural resource is
Question # 8
Which is true
Question # 9
Which of the following is correct with respect to resources
Question # 10
Labour is hirable but you cannot hire
Question # 11
If supply rises more than demand, price of the product will.
Question # 12
Land, labour and capital are needed to produce goods. They are collectively called
Question # 13
Given the supply curve, a fall in demand will.
Question # 14
Economic development of a country requires
Question # 15
The following is NOTa factor of production
Question # 16
Production in economic means
Question # 17
The three broad types of productive resources are
Question # 18
Natural environment that supports production of goods and services is included in
Question # 19
Land as used in economics
Question # 20
Which of the following is NOT an input
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 -
A Ali Hassan 10 - Sep - 2022 03 Min 17 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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ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
| 3 | The transformation of resources into economic gods and services is |
A. input
B. production
C. entrepreneur
D. market
|
| 4 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 5 | 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
|
| 6 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 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 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
| 9 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
|
| 10 | Economic development of a country requires |
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
|
Test Questions