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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
Land is
Question # 2
When supply rises more than demand price of the product will.
Question # 3
Economic goods produced by firms are called
Question # 4
Which of the following input factor takes risk, innovates and coordinates
Question # 5
Which of the following factors takes risk, innovates and coordinates
Question # 6
Price determined in case of a perishable good will be.
Question # 7
Labour is hirable but you cannot hire
Question # 8
Land, labour and capital are needed to produce goods. They are collectively called
Question # 9
The three broad types of productive resources are
Question # 10
An example of natural resource is
Question # 11
The transformation of resources into economic gods and services is
Question # 12
If supply rises more than demand, price of the product will.
Question # 13
Which of the following is correct with respect to resources
Question # 14
Economic development of a country requires
Question # 15
Long-run price of a durable good is always less than its short run price . it is because.
Question # 16
The supply of perishable goods is.
Question # 17
Standard of living of a country can be raised if it increases
Question # 18
The following is NOTa factor of production
Question # 19
Geographical mobility is not possible for
Question # 20
Land as used in economics
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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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 -
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 | 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 | For production of goods we need factors |
A. few
B. 2
C. 4
D. unlimited
|
| 3 | Given the demand curve, a rise in supply will. |
A. Increase quantity supplied
B. Price will fall
C. Price will rise
D. Both (a) and (b)
|
| 4 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
|
| 5 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 6 | 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
|
| 7 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
|
| 8 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 9 | The three broad types of productive resources are |
A. money, profit and interest
B. capital, labour and natural resources
C. labour, stock shares and deposits
D. technology, landl and markets
|
| 10 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
Test Questions
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