11th class Economics chapter 7 online mcq test with answers for ICS part 1 Economics chapter 7 (Production and Production Function)

Question # 1

The three broad types of productive resources are

money, profit and interest A
capital, labour and natural resources B
labour, stock shares and deposits C
technology, landl and markets D

Question # 2

Long-run price of a durable good is always less than its short run price . it is because.

Long -run supply is more elastic than short-run supply curve. A
Long -run supply is less elastic than short-run supply curve. B
Long and short-run supply curves are equally elastic C
None of the three D

Question # 3

Which of the following is correct with respect to resources

Money is a capital good A
Human skills are a labour input B
Entrepreneur is part of the labour input C
Natural resources include human input D

Question # 4

Which of the following is NOT an input

labour A
entrepreneurship B
natural resources C
production D

Question # 5

Equilibrium price of a product is determined by:

The gomverment A
An industrialist B
Market competition C
An agriculturist D

Question # 6

Land is

hirable A
not hirable B
homogeneous C
a form of capital D

Question # 7

Land, labour and capital are needed to produce goods. They are collectively called

elements of production A
factors of production B
tools of production C
cost of production D

Question # 8

Standard of living of a country can be raised if it increases

labour force A
production B
money supply C
exports D

Question # 9

If a firm increases the ratio of capital to labour, it becomes more

labour intensive A
capital intensive B
output intensive C
input intensive D

Question # 10

Economic goods produced by firms are called

productivity A
innovation B
technological progress C
output D

Question # 11

When demand rises more than supply price of the product will.

Rise A
Fall B
Remains unchanged C
None of the three D

Question # 12

Given the demand curve, a rise in supply will.

Increase quantity supplied A
Price will fall B
Price will rise C
Both (a) and (b) D

Question # 13

Which is true

labour produces land A
land produces labour B
labour produces capital C
capital produces labour D

Question # 14

Given the supply curve, a fall in demand will.

Increase equilibrium quantity of the product A
Decrease equilibrium quantity of the product B
Not affect equilibrium quantity C
Not affect equilibrium price D

Question # 15

Land as used in economics

is a free gift of nature A
is unlimited in quantity B
is not hirable C
excludes oceans D

Question # 16

Labour is hirable but you cannot hire

capital A
land B
manager C
entrepreneur D

Question # 17

The transformation of resources into economic gods and services is

input A
production B
entrepreneur C
market D

Question # 18

When both demand and supply fall in equal proportions, price of the product will .

Fall A
Rise B
Remain the same C
None of the above D

Question # 19

Price determined in case of a perishable good will be.

Normal price A
Market price B
Short run price C
Long run price D

Question # 20

If the government supplies a product at a price less than the equilibrium price, it will create:

Shortage A
Surlius B
Non of the two C
Equilibrium quantity D

Sr.#	Question	Answer
1	If supply rises more than demand, price of the product will.	A. Fall B. Rise C. Not change D. Change
2	The transformation of resources into economic goods and services is called	A. technical efficiency B. input C. production D. increasing returns
3	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
4	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
5	Standard of living of a country can be raised if it increases	A. labour force B. production C. money supply D. exports
6	For production of goods we need factors	A. few B. 2 C. 4 D. unlimited
7	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
8	When supply rises more than demand price of the product will.	A. Rise B. Fall C. Remain unchanged D. Non of the three
9	Labour is hirable but you cannot hire	A. capital B. land C. manager D. entrepreneur
10	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

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Economics Ics Part 1 English Medium Chapter 7 Online Test

The three broad types of productive resources are

Long-run price of a durable good is always less than its short run price . it is because.

Which of the following is correct with respect to resources

Which of the following is NOT an input

Equilibrium price of a product is determined by:

Land is

Land, labour and capital are needed to produce goods. They are collectively called

Standard of living of a country can be raised if it increases

If a firm increases the ratio of capital to labour, it becomes more

Economic goods produced by firms are called

When demand rises more than supply price of the product will.

Given the demand curve, a rise in supply will.

Which is true

Given the supply curve, a fall in demand will.

Land as used in economics

Labour is hirable but you cannot hire

The transformation of resources into economic gods and services is

When both demand and supply fall in equal proportions, price of the product will .

Price determined in case of a perishable good will be.

If the government supplies a product at a price less than the equilibrium price, it will create:

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