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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 goods and services is called
Question # 2
Economic goods produced by firms are called
Question # 3
An example of natural resource is
Question # 4
If a firm increases the ratio of capital to labour, it becomes more
Question # 5
Land, labour and capital are needed to produce goods. They are collectively called
Question # 6
Equilibrium price of a product is determined by:
Question # 7
Standard of living of a country can be raised if it increases
Question # 8
If supply rises more than demand, price of the product will.
Question # 9
Price determined in case of a perishable good will be.
Question # 10
Which is true
Question # 11
With a fixed in the market period, if the demand of a product rises, then:
Question # 12
The following is NOTa factor of production
Question # 13
Which of the following input factor takes risk, innovates and coordinates
Question # 14
The transformation of resources into economic gods and services is
Question # 15
When supply rises more than demand price of the product will.
Question # 16
Productivity of land can be raised by
Question # 17
Production in economic means
Question # 18
The three broad types of productive resources are
Question # 19
Which of the following is correct with respect to resources
Question # 20
For production of goods we need factors
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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ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
| 2 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
|
| 3 | Equilibrium price of a product is determined by: |
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
|
| 4 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
| 5 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
| 6 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 7 | 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
|
| 8 | Economic goods produced by firms are called |
A. productivity
B. innovation
C. technological progress
D. output
|
| 9 | Natural environment that supports production of goods and services is included in |
A. labour
B. money
C. capital
D. land
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| 10 | Which of the following input factor takes risk, innovates and coordinates |
A. capital
B. labour
C. productivity
D. entrepreneur
|
Test Questions