×
7th Chapter

ICS Part 1 Economics Chapter 7 MCQs Test

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

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

Sr. # Questions Answers Choice
1 Economic development of a country requires
  • A. skilled lobour
  • B. diplomacy
  • C. abundant natural resources
  • D. a and c of aboce
2 Standard of living of a country can be raised if it increases
  • A. labour force
  • B. production
  • C. money supply
  • D. exports
3 Labour is hirable but you cannot hire
  • A. capital
  • B. land
  • C. manager
  • D. entrepreneur
4 Production in economic means
  • A. factors of production
  • B. doing some job
  • C. output of goods
  • D. profit
5 Equilibrium price of a product is determined by:
  • A. The gomverment
  • B. An industrialist
  • C. Market competition
  • D. An agriculturist
6 When both demand and supply fall in equal proportions, price of the product will .
  • A. Fall
  • B. Rise
  • C. Remain the same
  • D. None of the above
7 Which is true
  • A. labour produces land
  • B. land produces labour
  • C. labour produces capital
  • D. capital produces labour
8 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
9 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)
10 Land as used in economics
  • A. is a free gift of nature
  • B. is unlimited in quantity
  • C. is not hirable
  • D. excludes oceans

Share your comments questions here
Sort By:
X

Sign in

to continue to ilmkidunya.com

inquiry-image

Free Admission Advice

Fill the form. Our admission consultants will call you with admission options.

X

Sign in

to continue to ilmkidunya.com

X

Sign in

to continue to ilmkidunya.com

X

Forgot Password

to continue to ilmkidunya.com

X

Register Type

Please Provide following information to Register

  • Student
  • Tutor
  • Consultant
  • Employer