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7th Chapter

ICS Part 1 Economics Chapter 7 MCQs Test

First Year Economics Chapter 7 Online MCQ Test for 1st Year Economics Chapter 7 (Production and Production Function)

This online test contains MCQs about following topics:

Factors of production - Production Function

First Year Economics Chapter 7 Online MCQ Test for 1st Year Economics Chapter 7 (Production and Production Function)

Sr. # Questions Answers Choice
1 The three broad types of productive resources are
  • A. money, profit and interest
  • B. capital, labour and natural resources
  • C. labour, stock shares and deposits
  • D. technology, landl and markets
2 Production in economic means
  • A. factors of production
  • B. doing some job
  • C. output of goods
  • D. profit
3 Labour is hirable but you cannot hire
  • A. capital
  • B. land
  • C. manager
  • D. entrepreneur
4 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
5 When supply rises more than demand price of the product will.
  • A. Rise
  • B. Fall
  • C. Remain unchanged
  • D. Non of the three
6 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
7 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
8 Natural environment that supports production of goods and services is included in
  • A. labour
  • B. money
  • C. capital
  • D. land
9 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
10 The following is <i>NOT</i>a factor of production
  • A. labour
  • B. entrepreneurship
  • C. land
  • D. money

Top Scorers of Economics Ics Part 1 English Medium Chapter 7 Online Test

D

Duaa

Lahore22 - Nov - 2021

15/20
04 Mins 26 Sec
K

Khushi Gupta

Lahore10 - Jan - 2022

15/20
12 Mins 37 Sec
T

Teekshita

Lahore26 - Dec - 2021

13/20
04 Mins 25 Sec
S

Sourav Saw

Lahore10 - Jan - 2022

13/20
05 Mins 20 Sec
T

Teekshita

Lahore26 - Dec - 2021

12/20
05 Mins 40 Sec

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