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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
Price determined in case of a perishable good will be.
Question # 2
Standard of living of a country can be raised if it increases
Question # 3
The transformation of resources into economic gods and services is
Question # 4
The following is NOTa factor of production
Question # 5
The supply of perishable goods is.
Question # 6
Economic goods produced by firms are called
Question # 7
The three broad types of productive resources are
Question # 8
Which of the following input factor takes risk, innovates and coordinates
Question # 9
Economic development of a country requires
Question # 10
When supply rises more than demand price of the product will.
Question # 11
Which of the following factors takes risk, innovates and coordinates
Question # 12
When both demand and supply fall in equal proportions, price of the product will .
Question # 13
If supply rises more than demand, price of the product will.
Question # 14
Production in economic means
Question # 15
With a fixed in the market period, if the demand of a product rises, then:
Question # 16
An example of natural resource is
Question # 17
Land, labour and capital are needed to produce goods. They are collectively called
Question # 18
Which is true
Question # 19
Which of the following is correct with respect to resources
Question # 20
When demand rises more than supply price of the product will.
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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A Anum Fatima 19 - Jun - 2023 00 Min 02 Sec 18/20 -
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ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 3 | When supply rises more than demand price of the product will. |
A. Rise
B. Fall
C. Remain unchanged
D. Non of the three
|
| 4 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 5 | Economic development of a country requires |
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
|
| 6 | Equilibrium price of a product is determined by: |
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
|
| 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 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
| 9 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
| 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