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7th Chapter

ICS Part 1 Economics Chapter 7 MCQs Test

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

First Year Economics Chapter 7 Online MCQ Test for 1st Year Economics Chapter 7 (Production and Production Function)

Sr. # Questions Answers Choice
1 An example of natural resource is
  • A. factory
  • B. skilled doctor
  • C. oil reserves in the ground
  • D. oil reserves in storage tank
2 If the government supplies a product at a price less than the equilibrium price, it will create:
  • A. Shortage
  • B. Surlius
  • C. Non of the two
  • D. Equilibrium quantity
3 Productivity of land can be raised by
  • A. decreasing farm size
  • B. intensive cultivation
  • C. better marketing
  • D. increasing money supply
4 When supply rises more than demand price of the product will.
  • A. Rise
  • B. Fall
  • C. Remain unchanged
  • D. Non of the three
5 The following is <i>NOT</i>a factor of production
  • A. labour
  • B. entrepreneurship
  • C. land
  • D. money
6 The transformation of resources into economic goods and services is called
  • A. technical efficiency
  • B. input
  • C. production
  • D. increasing returns
7 Standard of living of a country can be raised if it increases
  • A. labour force
  • B. production
  • C. money supply
  • D. exports
8 Land is
  • A. hirable
  • B. not hirable
  • C. homogeneous
  • D. a form of capital
9 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
10 Equilibrium price of a product is determined by:
  • A. The gomverment
  • B. An industrialist
  • C. Market competition
  • D. An agriculturist

Top Scorers of Economics Ics Part 1 English Medium Chapter 7 Online Test

M

M.Attiq-U-Rehman

Lahore24 - Nov - 2023

16/20
03 Mins 16 Sec

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