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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 both demand and supply fall in equal proportions, price of the product will .
Question # 2
Geographical mobility is not possible for
Question # 3
The transformation of resources into economic gods and services is
Question # 4
An example of natural resource is
Question # 5
Land as used in economics
Question # 6
Land means
Question # 7
Production in economic means
Question # 8
Which of the following is correct with respect to resources
Question # 9
Economic goods produced by firms are called
Question # 10
The transformation of resources into economic goods and services is called
Question # 11
Price determined in case of a perishable good will be.
Question # 12
The following is NOTa factor of production
Question # 13
Economic development of a country requires
Question # 14
Long-run price of a durable good is always less than its short run price . it is because.
Question # 15
Labour is hirable but you cannot hire
Question # 16
Which of the following input factor takes risk, innovates and coordinates
Question # 17
With a fixed in the market period, if the demand of a product rises, then:
Question # 18
When supply rises more than demand price of the product will.
Question # 19
Given the demand curve, a rise in supply will.
Question # 20
The three broad types of productive resources are
ICS Part 1 Economics Chapter 7 MCQs Test
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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 | 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)
|
| 3 | For production of goods we need factors |
A. few
B. 2
C. 4
D. unlimited
|
| 4 | Labour is hirable but you cannot hire |
A. capital
B. land
C. manager
D. entrepreneur
|
| 5 | 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
|
| 6 | The transformation of resources into economic gods and services is |
A. input
B. production
C. entrepreneur
D. market
|
| 7 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
|
| 8 | If supply rises more than demand, price of the product will. |
A. Fall
B. Rise
C. Not change
D. Change
|
| 9 | Land means |
A. sea
B. surface of earth
C. natural forests
D. all natural resources
|
| 10 | 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
|
Test Questions