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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
Production in economic means
Question # 2
If a firm increases the ratio of capital to labour, it becomes more
Question # 3
When demand rises more than supply price of the product will.
Question # 4
Natural environment that supports production of goods and services is included in
Question # 5
Equilibrium price of a product is determined by:
Question # 6
For production of goods we need factors
Question # 7
The three broad types of productive resources are
Question # 8
Productivity of land can be raised by
Question # 9
The following is NOTa factor of production
Question # 10
The transformation of resources into economic gods and services is
Question # 11
Given the supply curve, a fall in demand will.
Question # 12
Land, labour and capital are needed to produce goods. They are collectively called
Question # 13
Economic goods produced by firms are called
Question # 14
When supply rises more than demand price of the product will.
Question # 15
The supply of perishable goods is.
Question # 16
Which is true
Question # 17
Price determined in case of a perishable good will be.
Question # 18
The transformation of resources into economic goods and services is called
Question # 19
Which of the following is correct with respect to resources
Question # 20
Long-run price of a durable good is always less than its short run price . it is because.
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 -
A Ali Hassan 10 - Sep - 2022 03 Min 17 Sec 17/20 -
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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 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
| 2 | Production in economic means |
A. factors of production
B. doing some job
C. output of goods
D. profit
|
| 3 | Given the supply curve, a fall in demand will. |
A. Increase equilibrium quantity of the product
B. Decrease equilibrium quantity of the product
C. Not affect equilibrium quantity
D. Not affect equilibrium price
|
| 4 | Equilibrium price of a product is determined by: |
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
|
| 5 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
| 6 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
| 7 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
| 8 | Standard of living of a country can be raised if it increases |
A. labour force
B. production
C. money supply
D. exports
|
| 9 | For production of goods we need factors |
A. few
B. 2
C. 4
D. unlimited
|
| 10 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
Test Questions