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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 following is NOTa factor of production
Question # 2
Land as used in economics
Question # 3
If a firm increases the ratio of capital to labour, it becomes more
Question # 4
Which is true
Question # 5
Land means
Question # 6
If supply rises more than demand, price of the product will.
Question # 7
The three broad types of productive resources are
Question # 8
Land is
Question # 9
The transformation of resources into economic gods and services is
Question # 10
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 11
Given the demand curve, a rise in supply will.
Question # 12
An example of natural resource is
Question # 13
When demand rises more than supply price of the product will.
Question # 14
Labour is hirable but you cannot hire
Question # 15
Given the supply curve, a fall in demand will.
Question # 16
Geographical mobility is not possible for
Question # 17
Long-run price of a durable good is always less than its short run price . it is because.
Question # 18
Which of the following factors takes risk, innovates and coordinates
Question # 19
Which of the following input factor takes risk, innovates and coordinates
Question # 20
Which of the following is NOT an input
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 | Equilibrium price of a product is determined by: |
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
|
| 2 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 3 | Standard of living of a country can be raised if it increases |
A. labour force
B. production
C. money supply
D. exports
|
| 4 | 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
|
| 5 | If the government supplies a product at a price less than the equilibrium price, it will create: |
A. Shortage
B. Surlius
C. Non of the two
D. Equilibrium quantity
|
| 6 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
|
| 7 | 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)
|
| 8 | 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
|
| 9 | 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
|
| 10 | 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
|
Test Questions
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