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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
An example of natural resource is
Question # 2
If the government supplies a product at a price less than the equilibrium price, it will create:
Question # 3
Productivity of land can be raised by
Question # 4
Natural environment that supports production of goods and services is included in
Question # 5
Given the demand curve, a rise in supply will.
Question # 6
The transformation of resources into economic gods and services is
Question # 7
Production in economic means
Question # 8
Which of the following is correct with respect to resources
Question # 9
Economic development of a country requires
Question # 10
Equilibrium price of a product is determined by:
Question # 11
When both demand and supply fall in equal proportions, price of the product will .
Question # 12
When demand rises more than supply price of the product will.
Question # 13
For production of goods we need factors
Question # 14
Which of the following factors takes risk, innovates and coordinates
Question # 15
The three broad types of productive resources are
Question # 16
Which of the following is NOT an input
Question # 17
If a firm increases the ratio of capital to labour, it becomes more
Question # 18
With a fixed in the market period, if the demand of a product rises, then:
Question # 19
Economic goods produced by firms are called
Question # 20
Which is true
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 | The transformation of resources into economic gods and services is |
A. input
B. production
C. entrepreneur
D. market
|
| 2 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
| 3 | Which of the following is correct with respect to resources |
A. Money is a capital good
B. Human skills are a labour input
C. Entrepreneur is part of the labour input
D. Natural resources include human input
|
| 4 | When both demand and supply fall in equal proportions, price of the product will . |
A. Fall
B. Rise
C. Remain the same
D. None of the above
|
| 5 | Land means |
A. sea
B. surface of earth
C. natural forests
D. all natural resources
|
| 6 | Productivity of land can be raised by |
A. decreasing farm size
B. intensive cultivation
C. better marketing
D. increasing money supply
|
| 7 | 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
|
| 8 | 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
|
| 9 | Geographical mobility is not possible for |
A. land
B. labour
C. capital
D. wealth
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| 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