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

Question # 1

Economic development of a country requires

skilled lobour A
diplomacy B
abundant natural resources C
a and c of aboce D

Question # 2

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 # 3

Land means

sea A
surface of earth B
natural forests C
all natural resources D

Question # 4

Which of the following input factor takes risk, innovates and coordinates

capital A
labour B
productivity C
entrepreneur D

Question # 5

Production in economic means

factors of production A
doing some job B
output of goods C
profit D

Question # 6

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 # 7

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

Rise A
Fall B
Remain unchanged C
Non of the three D

Question # 8

The supply of perishable goods is.

Elastic A
Inelastic B
Perfectly elastic C
None of the above D

Question # 9

Which of the following is NOT an input

labour A
entrepreneurship B
natural resources C
production D

Question # 10

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 # 11

Labour is hirable but you cannot hire

capital A
land B
manager C
entrepreneur D

Question # 12

The transformation of resources into economic gods and services is

input A
production B
entrepreneur C
market D

Question # 13

Natural environment that supports production of goods and services is included in

labour A
money B
capital C
land D

Question # 14

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 # 15

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 # 16

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

labour force A
production B
money supply C
exports D

Question # 17

Economic goods produced by firms are called

productivity A
innovation B
technological progress C
output D

Question # 18

Equilibrium price of a product is determined by:

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

Question # 19

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

Question # 20

Geographical mobility is not possible for

land A
labour B
capital C
wealth D

Sr.#	Question	Answer
1	Land means	A. sea B. surface of earth C. natural forests D. all natural resources
2	Natural environment that supports production of goods and services is included in	A. labour B. money C. capital D. land
3	Economic goods produced by firms are called	A. productivity B. innovation C. technological progress D. output
4	The transformation of resources into economic goods and services is called	A. technical efficiency B. input C. production D. increasing returns
5	Economic development of a country requires	A. skilled lobour B. diplomacy C. abundant natural resources D. a and c of aboce
6	Equilibrium price of a product is determined by:	A. The gomverment B. An industrialist C. Market competition D. An agriculturist
7	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)
8	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
9	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
10	The supply of perishable goods is.	A. Elastic B. Inelastic C. Perfectly elastic D. None of the above

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Economic development of a country requires

Given the supply curve, a fall in demand will.

Land means

Which of the following input factor takes risk, innovates and coordinates

Production in economic means

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

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

The supply of perishable goods is.

Which of the following is NOT an input

The three broad types of productive resources are

Labour is hirable but you cannot hire

The transformation of resources into economic gods and services is

Natural environment that supports production of goods and services is included in

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

Which of the following is correct with respect to resources

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

Economic goods produced by firms are called

Equilibrium price of a product is determined by:

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

Geographical mobility is not possible for

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