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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
Given the supply curve, a fall in demand will.
Question # 2
If supply rises more than demand, price of the product will.
Question # 3
The supply of perishable goods is.
Question # 4
Equilibrium price of a product is determined by:
Question # 5
Production in economic means
Question # 6
When supply rises more than demand price of the product will.
Question # 7
The following is NOTa factor of production
Question # 8
Labour is hirable but you cannot hire
Question # 9
For production of goods we need factors
Question # 10
Which is true
Question # 11
Given the demand curve, a rise in supply will.
Question # 12
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 13
Geographical mobility is not possible for
Question # 14
Land as used in economics
Question # 15
Which of the following is NOT an input
Question # 16
With a fixed in the market period, if the demand of a product rises, then:
Question # 17
Which of the following input factor takes risk, innovates and coordinates
Question # 18
The transformation of resources into economic goods and services is called
Question # 19
Long-run price of a durable good is always less than its short run price . it is because.
Question # 20
Economic goods produced by firms are called
ICS Part 1 Economics Chapter 7 MCQs Test
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A Anum Fatima 19 - Jun - 2023 00 Min 02 Sec 18/20 -
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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 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 2 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 3 | An example of natural resource is |
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
|
| 4 | 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
|
| 5 | Land means |
A. sea
B. surface of earth
C. natural forests
D. all natural resources
|
| 6 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 7 | 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
|
| 8 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
| 9 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
| 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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