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This online test contains MCQs about following topics:
Factors of production - Production Function
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"
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Total Questions20
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Time Allowed30
Economics Ics Part 1 English Medium Chapter 7 Online Test
00:00
Question # 1
The supply of perishable goods is.
Question # 2
Land as used in economics
Question # 3
Land, labour and capital are needed to produce goods. They are collectively called
Question # 4
The transformation of resources into economic gods and services is
Question # 5
The transformation of resources into economic goods and services is called
Question # 6
When both demand and supply fall in equal proportions, price of the product will .
Question # 7
Which is true
Question # 8
Long-run price of a durable good is always less than its short run price . it is because.
Question # 9
The following is NOTa factor of production
Question # 10
Land is
Question # 11
An example of natural resource is
Question # 12
Which of the following is correct with respect to resources
Question # 13
Natural environment that supports production of goods and services is included in
Question # 14
If a firm increases the ratio of capital to labour, it becomes more
Question # 15
Economic goods produced by firms are called
Question # 16
For production of goods we need factors
Question # 17
Standard of living of a country can be raised if it increases
Question # 18
Which of the following input factor takes risk, innovates and coordinates
Question # 19
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 20
If supply rises more than demand, price of the product will.
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 | 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
|
| 2 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
| 3 | Which is true |
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
|
| 4 | 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
|
| 5 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
| 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 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
|
| 8 | An example of natural resource is |
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
|
| 9 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
|
| 10 | For production of goods we need factors |
A. few
B. 2
C. 4
D. unlimited
|
Test Questions