First Year Economics Chapter 7 Online MCQ Test for 1st Year Economics Chapter 7 (Production and Production Function)

This online test contains MCQs about following topics:

Factors of production - Production Function

ICS Part 1 Economics Chapter 7 Test

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ICS Part 1 Economics Chapter Wise Test

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"

  • Total Questions20

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Economics Ics Part 1 English Medium Chapter 7 Online Test

00:00
Question # 1

Price determined in case of a perishable good will be.

Question # 2

Given the demand curve, a rise in supply will.

Question # 3

Labour is hirable but you cannot hire

Question # 4

Economic development of a country requires

Question # 5

The three broad types of productive resources are

Question # 6

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

Question # 7

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

Question # 8

Productivity of land can be raised by

Question # 9

Production in economic means

Question # 10

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

Question # 11

Land is

Question # 12

Which is true

Question # 13

The supply of perishable goods is.

Question # 14

Geographical mobility is not possible for

Question # 15

An example of natural resource is

Question # 16

If supply rises more than demand, price of the product will.

Question # 17

Which of the following factors takes risk, innovates and coordinates

Question # 18

Equilibrium price of a product is determined by:

Question # 19

Which of the following is correct with respect to resources

Question # 20

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

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ICS Part 1 Economics Chapter 7 MCQs Test

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ICS Part 1 Economics Chapter 7 Important MCQ's

Sr.# Question Answer
1 Labour is hirable but you cannot hire
A. capital
B. land
C. manager
D. entrepreneur
2 Economic goods produced by firms are called
A. productivity
B. innovation
C. technological progress
D. output
3 Geographical mobility is not possible for
A. land
B. labour
C. capital
D. wealth
4 The transformation of resources into economic goods and services is called
A. technical efficiency
B. input
C. production
D. increasing returns
5 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
6 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
7 The supply of perishable goods is.
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
8 Productivity of land can be raised by
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
9 Which of the following is NOT an input
A. labour
B. entrepreneurship
C. natural resources
D. production
10 Standard of living of a country can be raised if it increases
A. labour force
B. production
C. money supply
D. exports

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