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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
Production in economic means
Question # 3
Labour is hirable but you cannot hire
Question # 4
If a firm increases the ratio of capital to labour, it becomes more
Question # 5
The three broad types of productive resources are
Question # 6
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 7
Which of the following is correct with respect to resources
Question # 8
Which of the following factors takes risk, innovates and coordinates
Question # 9
Land means
Question # 10
Which of the following input factor takes risk, innovates and coordinates
Question # 11
Long-run price of a durable good is always less than its short run price . it is because.
Question # 12
The following is NOTa factor of production
Question # 13
Land, labour and capital are needed to produce goods. They are collectively called
Question # 14
For production of goods we need factors
Question # 15
With a fixed in the market period, if the demand of a product rises, then:
Question # 16
Economic goods produced by firms are called
Question # 17
When supply rises more than demand price of the product will.
Question # 18
Land as used in economics
Question # 19
The transformation of resources into economic goods and services is called
Question # 20
Geographical mobility is not possible for
ICS Part 1 Economics Chapter 7 MCQs Test
Top Scorers Of Chapter 7 "Economics Ics Part 1 English Medium Chapter 7 Online Test" MCQ`s Test
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R romana 24 - Jun - 2021 12 Min 13 Sec 19/20 -
A Anum Fatima 19 - Jun - 2023 00 Min 02 Sec 18/20 -
A Ali Hassan 10 - Sep - 2022 03 Min 17 Sec 17/20 -
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M M.Attiq-U-Rehman 24 - Nov - 2023 03 Min 16 Sec 16/20 -
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M Malaika 01 - Feb - 2021 04 Min 13 Sec 15/20 -
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N Nisha 30 - Jul - 2021 06 Min 05 Sec 15/20 -
K Khushi Gupta 10 - Jan - 2022 12 Min 37 Sec 15/20
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 | An example of natural resource is |
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
|
| 3 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 4 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
|
| 5 | 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
|
| 6 | Which is true |
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
|
| 7 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 8 | Natural environment that supports production of goods and services is included in |
A. labour
B. money
C. capital
D. land
|
| 9 | Economic development of a country requires |
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
|
| 10 | Equilibrium price of a product is determined by: |
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
|
Test Questions
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