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

Question # 1

Which is true

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

For production of goods we need factors

few A
2 B
4 C
unlimited D

Question # 4

Land means

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

Question # 5

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

labour force A
production B
money supply C
exports D

Question # 6

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 # 7

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 # 8

The transformation of resources into economic goods and services is called

technical efficiency A
input B
production C
increasing returns D

Question # 9

The supply of perishable goods is.

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

Question # 10

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 # 11

Production in economic means

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

Question # 12

An example of natural resource is

factory A
skilled doctor B
oil reserves in the ground C
oil reserves in storage tank D

Question # 13

The transformation of resources into economic gods and services is

input A
production B
entrepreneur C
market D

Question # 14

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 # 15

Land is

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

Question # 16

Labour is hirable but you cannot hire

capital A
land B
manager C
entrepreneur D

Question # 17

Equilibrium price of a product is determined by:

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

Question # 18

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 # 19

Economic goods produced by firms are called

productivity A
innovation B
technological progress C
output D

Question # 20

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

Fall A
Rise B
Not change C
Change D

Sr.#	Question	Answer
1	Which of the following factors takes risk, innovates and coordinates	A. capital B. labour C. bank D. entrepreneur
2	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
3	Production in economic means	A. factors of production B. doing some job C. output of goods D. profit
4	Labour is hirable but you cannot hire	A. capital B. land C. manager D. entrepreneur
5	If a firm increases the ratio of capital to labour, it becomes more	A. labour intensive B. capital intensive C. output intensive D. input intensive
6	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
7	Land is	A. hirable B. not hirable C. homogeneous D. a form of capital
8	When demand rises more than supply price of the product will.	A. Rise B. Fall C. Remains unchanged D. None of the three
9	Land means	A. sea B. surface of earth C. natural forests D. all natural resources
10	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)

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Which is true

Given the supply curve, a fall in demand will.

For production of goods we need factors

Land means

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

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

Given the demand curve, a rise in supply will.

The transformation of resources into economic goods and services is called

The supply of perishable goods is.

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

Production in economic means

An example of natural resource is

The transformation of resources into economic gods and services is

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

Land is

Labour is hirable but you cannot hire

Equilibrium price of a product is determined by:

Which of the following is correct with respect to resources

Economic goods produced by firms are called

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

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