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

ICS Part 1 Economics Chapter 7 Test

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ICS Part 1 Economics Chapter Wise Test

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"

  • Total Questions20

  • Time Allowed30

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Economics Ics Part 1 English Medium Chapter 7 Online Test

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Question # 1

The supply of perishable goods is.

Question # 2

If the government supplies a product at a price less than the equilibrium price, it will create:

Question # 3

Price determined in case of a perishable good will be.

Question # 4

When demand rises more than supply price of the product will.

Question # 5

Equilibrium price of a product is determined by:

Question # 6

The following is NOTa factor of production

Question # 7

Natural environment that supports production of goods and services is included in

Question # 8

Productivity of land can be raised by

Question # 9

Economic development of a country requires

Question # 10

With a fixed in the market period, if the demand of a product rises, then:

Question # 11

Which is true

Question # 12

Which of the following input factor takes risk, innovates and coordinates

Question # 13

For production of goods we need factors

Question # 14

The transformation of resources into economic goods and services is called

Question # 15

Land is

Question # 16

Land, labour and capital are needed to produce goods. They are collectively called

Question # 17

If a firm increases the ratio of capital to labour, it becomes more

Question # 18

Labour is hirable but you cannot hire

Question # 19

Which of the following factors takes risk, innovates and coordinates

Question # 20

Long-run price of a durable good is always less than its short run price . it is because.

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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 Economic development of a country requires
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
2 Land as used in economics
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
3 Which of the following factors takes risk, innovates and coordinates
A. capital
B. labour
C. bank
D. entrepreneur
4 Land is
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
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 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
7 Which of the following input factor takes risk, innovates and coordinates
A. capital
B. labour
C. productivity
D. entrepreneur
8 Which of the following is NOT an input
A. labour
B. entrepreneurship
C. natural resources
D. production
9 Economic goods produced by firms are called
A. productivity
B. innovation
C. technological progress
D. output
10 Standard of living of a country can be raised if it increases
A. labour force
B. production
C. money supply
D. exports

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