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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 demand rises more than supply price of the product will.
Question # 2
The three broad types of productive resources are
Question # 3
When both demand and supply fall in equal proportions, price of the product will .
Question # 4
Which of the following is NOT an input
Question # 5
Which of the following is correct with respect to resources
Question # 6
Labour is hirable but you cannot hire
Question # 7
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 8
Land, labour and capital are needed to produce goods. They are collectively called
Question # 9
Given the demand curve, a rise in supply will.
Question # 10
With a fixed in the market period, if the demand of a product rises, then:
Question # 11
Productivity of land can be raised by
Question # 12
Land means
Question # 13
Given the supply curve, a fall in demand will.
Question # 14
If supply rises more than demand, price of the product will.
Question # 15
Standard of living of a country can be raised if it increases
Question # 16
Production in economic means
Question # 17
Economic goods produced by firms are called
Question # 18
Land is
Question # 19
Long-run price of a durable good is always less than its short run price . it is because.
Question # 20
For production of goods we need factors
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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ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Economic development of a country requires |
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
|
| 2 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
| 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 | Land means |
A. sea
B. surface of earth
C. natural forests
D. all natural resources
|
| 5 | Economic goods produced by firms are called |
A. productivity
B. innovation
C. technological progress
D. output
|
| 6 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 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 | Which is true |
A. labour produces land
B. land produces labour
C. labour produces capital
D. capital produces labour
|
| 9 | Natural environment that supports production of goods and services is included in |
A. labour
B. money
C. capital
D. land
|
| 10 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
Test Questions
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