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

Start Chapter 7 Test

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

  • Time Allowed30

Start Test Download PDF

Economics Ics Part 1 English Medium Chapter 7 Online Test

00:00
Question # 1

For production of goods we need factors

Question # 2

Price determined in case of a perishable good will be.

Question # 3

The transformation of resources into economic gods and services is

Question # 4

The three broad types of productive resources are

Question # 5

Equilibrium price of a product is determined by:

Question # 6

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

Question # 7

Economic development of a country requires

Question # 8

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

Question # 9

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

Question # 10

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

Question # 11

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

Question # 12

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

Question # 13

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

Question # 14

Land as used in economics

Question # 15

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

Question # 16

With a fixed in the market period, if the demand of a product rises, then:

Question # 17

Land is

Question # 18

Which is true

Question # 19

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

Question # 20

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

Submit

Prepare Complete Set Wise Chapter 7 "Economics Ics Part 1 English Medium Chapter 7 Online Test" MCQs Online With Answers


Topic Test

00:00
Submit
ic-science-white
Economics
7th Chapter

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

  • M
    Maheen 19 - Feb - 2021 02 Min 46 Sec 19/20
  • R
    romana 24 - Jun - 2021 12 Min 13 Sec 19/20
  • A
    Anum Fatima 19 - Jun - 2023 00 Min 02 Sec 18/20
  • A
    Ali Hassan 10 - Sep - 2022 03 Min 17 Sec 17/20
  • A
    aesha ghafoor 31 - May - 2023 03 Min 43 Sec 17/20
  • T
    Tasneem 09 - Feb - 2019 03 Min 59 Sec 17/20
  • A
    Aiman Afaq 25 - Jul - 2023 04 Min 34 Sec 17/20
  • M
    M.Attiq-U-Rehman 24 - Nov - 2023 03 Min 16 Sec 16/20
  • H
    Hanif Wazir 30 - May - 2022 06 Min 25 Sec 16/20
  • H
    hamza abid 21 - Jul - 2022 10 Min 50 Sec 16/20
  • M
    Malaika 01 - Feb - 2021 04 Min 13 Sec 15/20
  • D
    Duaa 22 - Nov - 2021 04 Min 26 Sec 15/20
  • N
    Nisha 30 - Jul - 2021 06 Min 05 Sec 15/20
  • K
    Khushi Gupta 10 - Jan - 2022 12 Min 37 Sec 15/20
  • E
    ekta 05 - Aug - 2021 03 Min 31 Sec 14/20

ICS Part 1 Economics Chapter 7 Important MCQ's

Sr.# Question Answer
1 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
2 Which of the following input factor takes risk, innovates and coordinates
A. capital
B. labour
C. productivity
D. entrepreneur
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 Labour is hirable but you cannot hire
A. capital
B. land
C. manager
D. entrepreneur
5 Production in economic means
A. factors of production
B. doing some job
C. output of goods
D. profit
6 The transformation of resources into economic gods and services is
A. input
B. production
C. entrepreneur
D. market
7 When demand rises more than supply price of the product will.
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
8 The supply of perishable goods is.
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
9 Standard of living of a country can be raised if it increases
A. labour force
B. production
C. money supply
D. exports
10 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

Test Questions