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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
Equilibrium price of a product is determined by:
Question # 2
Land means
Question # 3
For production of goods we need factors
Question # 4
When both demand and supply fall in equal proportions, price of the product will .
Question # 5
If supply rises more than demand, price of the product will.
Question # 6
Price determined in case of a perishable good will be.
Question # 7
An example of natural resource is
Question # 8
The transformation of resources into economic gods and services is
Question # 9
Long-run price of a durable good is always less than its short run price . it is because.
Question # 10
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 11
Which of the following factors takes risk, innovates and coordinates
Question # 12
When supply rises more than demand price of the product will.
Question # 13
The three broad types of productive resources are
Question # 14
The supply of perishable goods is.
Question # 15
Which of the following is correct with respect to resources
Question # 16
Economic development of a country requires
Question # 17
Which is true
Question # 18
Natural environment that supports production of goods and services is included in
Question # 19
Production in economic means
Question # 20
When demand rises more than supply price of the product will.
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 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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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 | Natural environment that supports production of goods and services is included in |
A. labour
B. money
C. capital
D. land
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| 2 | The three broad types of productive resources are |
A. money, profit and interest
B. capital, labour and natural resources
C. labour, stock shares and deposits
D. technology, landl and markets
|
| 3 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 4 | The transformation of resources into economic gods and services is |
A. input
B. production
C. entrepreneur
D. market
|
| 5 | When supply rises more than demand price of the product will. |
A. Rise
B. Fall
C. Remain unchanged
D. Non of the three
|
| 6 | Standard of living of a country can be raised if it increases |
A. labour force
B. production
C. money supply
D. exports
|
| 7 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
|
| 8 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 9 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
|
| 10 | The supply of perishable goods is. |
A. Elastic
B. Inelastic
C. Perfectly elastic
D. None of the above
|
Test Questions