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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
Which of the following is NOT an input
Question # 2
Which is true
Question # 3
Price determined in case of a perishable good will be.
Question # 4
The transformation of resources into economic gods and services is
Question # 5
Economic development of a country requires
Question # 6
Given the supply curve, a fall in demand will.
Question # 7
Long-run price of a durable good is always less than its short run price . it is because.
Question # 8
The supply of perishable goods is.
Question # 9
Given the demand curve, a rise in supply will.
Question # 10
Standard of living of a country can be raised if it increases
Question # 11
Natural environment that supports production of goods and services is included in
Question # 12
Labour is hirable but you cannot hire
Question # 13
Which of the following is correct with respect to resources
Question # 14
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 15
Equilibrium price of a product is determined by:
Question # 16
The following is NOTa factor of production
Question # 17
An example of natural resource is
Question # 18
When supply rises more than demand price of the product will.
Question # 19
The three broad types of productive resources are
Question # 20
Productivity of land can be raised by
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 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 2 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 3 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 4 | Which of the following input factor takes risk, innovates and coordinates |
A. capital
B. labour
C. productivity
D. entrepreneur
|
| 5 | Natural environment that supports production of goods and services is included in |
A. labour
B. money
C. capital
D. land
|
| 6 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 7 | With a fixed in the market period, if the demand of a product rises, then: |
A. Price will fall
B. Price will rise
C. Price will remain the same
D. None of the three
|
| 8 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
|
| 9 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 10 | Which of the following is correct with respect to resources |
A. Money is a capital good
B. Human skills are a labour input
C. Entrepreneur is part of the labour input
D. Natural resources include human input
|
Test Questions