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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
Which of the following is NOT an input
Question # 2
Production in economic means
Question # 3
For production of goods we need factors
Question # 4
Natural environment that supports production of goods and services is included in
Question # 5
If supply rises more than demand, price of the product will.
Question # 6
If a firm increases the ratio of capital to labour, it becomes more
Question # 7
Land is
Question # 8
Standard of living of a country can be raised if it increases
Question # 9
Geographical mobility is not possible for
Question # 10
Which is true
Question # 11
Economic development of a country requires
Question # 12
Which of the following factors takes risk, innovates and coordinates
Question # 13
Given the demand curve, a rise in supply will.
Question # 14
Land means
Question # 15
The transformation of resources into economic goods and services is called
Question # 16
Land as used in economics
Question # 17
Productivity of land can be raised by
Question # 18
When demand rises more than supply price of the product will.
Question # 19
The following is NOTa factor of production
Question # 20
Economic goods produced by firms are called
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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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 | An example of natural resource is |
A. factory
B. skilled doctor
C. oil reserves in the ground
D. oil reserves in storage tank
|
| 2 | Equilibrium price of a product is determined by: |
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
|
| 3 | When demand rises more than supply price of the product will. |
A. Rise
B. Fall
C. Remains unchanged
D. None of the three
|
| 4 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 5 | 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
|
| 6 | 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
|
| 7 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
| 8 | 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
|
| 9 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 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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