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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
When both demand and supply fall in equal proportions, price of the product will .
Question # 2
Production in economic means
Question # 3
The three broad types of productive resources are
Question # 4
Which of the following factors takes risk, innovates and coordinates
Question # 5
Which of the following input factor takes risk, innovates and coordinates
Question # 6
Which of the following is NOT an input
Question # 7
Which is true
Question # 8
Land means
Question # 9
Standard of living of a country can be raised if it increases
Question # 10
Labour is hirable but you cannot hire
Question # 11
Land is
Question # 12
Equilibrium price of a product is determined by:
Question # 13
Price determined in case of a perishable good will be.
Question # 14
If a firm increases the ratio of capital to labour, it becomes more
Question # 15
Land, labour and capital are needed to produce goods. They are collectively called
Question # 16
Which of the following is correct with respect to resources
Question # 17
Productivity of land can be raised by
Question # 18
Natural environment that supports production of goods and services is included in
Question # 19
If supply rises more than demand, price of the product will.
Question # 20
An example of natural resource is
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 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
| 2 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
|
| 3 | Land means |
A. sea
B. surface of earth
C. natural forests
D. all natural resources
|
| 4 | Natural environment that supports production of goods and services is included in |
A. labour
B. money
C. capital
D. land
|
| 5 | Given the supply curve, a fall in demand will. |
A. Increase equilibrium quantity of the product
B. Decrease equilibrium quantity of the product
C. Not affect equilibrium quantity
D. Not affect equilibrium price
|
| 6 | Which of the following input factor takes risk, innovates and coordinates |
A. capital
B. labour
C. productivity
D. entrepreneur
|
| 7 | 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
|
| 8 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
|
| 9 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 10 | When supply rises more than demand price of the product will. |
A. Rise
B. Fall
C. Remain unchanged
D. Non of the three
|
Test Questions