11th class Economics chapter 7 online mcq test with answers for ICS part 1 Economics chapter 7 (Production and Production Function)

Top Scorers Of Chapter 7 "Economics Ics Part 1 English Medium Chapter 7 Online Test" MCQ`s Test

Sr.#	Question	Answer
1	Which of the following factors takes risk, innovates and coordinates	A. capital B. labour C. bank D. entrepreneur
2	For production of goods we need factors	A. few B. 2 C. 4 D. unlimited
3	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
4	Natural environment that supports production of goods and services is included in	A. labour B. money C. capital D. land
5	The supply of perishable goods is.	A. Elastic B. Inelastic C. Perfectly elastic D. None of the above
6	Equilibrium price of a product is determined by:	A. The gomverment B. An industrialist C. Market competition D. An agriculturist
7	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
8	Land is	A. hirable B. not hirable C. homogeneous D. a form of capital
9	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
10	Long-run price of a durable good is always less than its short run price . it is because.	A. Long -run supply is more elastic than short-run supply curve. B. Long -run supply is less elastic than short-run supply curve. C. Long and short-run supply curves are equally elastic D. None of the three