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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
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 2
Which is true
Question # 3
Land means
Question # 4
Geographical mobility is not possible for
Question # 5
For production of goods we need factors
Question # 6
The following is NOTa factor of production
Question # 7
Long-run price of a durable good is always less than its short run price . it is because.
Question # 8
Price determined in case of a perishable good will be.
Question # 9
The three broad types of productive resources are
Question # 10
The transformation of resources into economic goods and services is called
Question # 11
Production in economic means
Question # 12
Given the demand curve, a rise in supply will.
Question # 13
If a firm increases the ratio of capital to labour, it becomes more
Question # 14
When both demand and supply fall in equal proportions, price of the product will .
Question # 15
Natural environment that supports production of goods and services is included in
Question # 16
Land, labour and capital are needed to produce goods. They are collectively called
Question # 17
Given the supply curve, a fall in demand will.
Question # 18
If supply rises more than demand, price of the product will.
Question # 19
The transformation of resources into economic gods and services is
Question # 20
Which of the following is NOT an input
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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M M.Attiq-U-Rehman 24 - Nov - 2023 03 Min 16 Sec 16/20 -
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M Malaika 01 - Feb - 2021 04 Min 13 Sec 15/20 -
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N Nisha 30 - Jul - 2021 06 Min 05 Sec 15/20 -
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 | Economic goods produced by firms are called |
A. productivity
B. innovation
C. technological progress
D. output
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| 2 | Which is true |
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
|
| 3 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 4 | 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
|
| 5 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
| 6 | Given the demand curve, a rise in supply will. |
A. Increase quantity supplied
B. Price will fall
C. Price will rise
D. Both (a) and (b)
|
| 7 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
| 8 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 9 | Natural environment that supports production of goods and services is included in |
A. labour
B. money
C. capital
D. land
|
| 10 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
Test Questions