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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
If supply rises more than demand, price of the product will.
Question # 2
Productivity of land can be raised by
Question # 3
When supply rises more than demand price of the product will.
Question # 4
Labour is hirable but you cannot hire
Question # 5
Land means
Question # 6
Price determined in case of a perishable good will be.
Question # 7
Economic goods produced by firms are called
Question # 8
Economic development of a country requires
Question # 9
When demand rises more than supply price of the product will.
Question # 10
Land is
Question # 11
The transformation of resources into economic gods and services is
Question # 12
The supply of perishable goods is.
Question # 13
Which of the following factors takes risk, innovates and coordinates
Question # 14
Long-run price of a durable good is always less than its short run price . it is because.
Question # 15
Which of the following is NOT an input
Question # 16
Given the supply curve, a fall in demand will.
Question # 17
Standard of living of a country can be raised if it increases
Question # 18
The transformation of resources into economic goods and services is called
Question # 19
Land as used in economics
Question # 20
Which of the following input factor takes risk, innovates and coordinates
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 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 2 | 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
|
| 3 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
| 4 | 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
|
| 5 | Equilibrium price of a product is determined by: |
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
|
| 6 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
| 7 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
| 8 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
|
| 9 | Which is true |
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
|
| 10 | For production of goods we need factors |
A. few
B. 2
C. 4
D. unlimited
|
Test Questions