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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
For production of goods we need factors
Question # 2
When supply rises more than demand price of the product will.
Question # 3
Economic development of a country requires
Question # 4
Given the supply curve, a fall in demand will.
Question # 5
Economic goods produced by firms are called
Question # 6
The following is NOTa factor of production
Question # 7
Productivity of land can be raised by
Question # 8
Land means
Question # 9
Which of the following input factor takes risk, innovates and coordinates
Question # 10
If a firm increases the ratio of capital to labour, it becomes more
Question # 11
Standard of living of a country can be raised if it increases
Question # 12
Land as used in economics
Question # 13
The three broad types of productive resources are
Question # 14
The supply of perishable goods is.
Question # 15
Land, labour and capital are needed to produce goods. They are collectively called
Question # 16
Which of the following is correct with respect to resources
Question # 17
The transformation of resources into economic goods and services is called
Question # 18
Which of the following factors takes risk, innovates and coordinates
Question # 19
Land is
Question # 20
The transformation of resources into economic gods and services is
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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E ekta 05 - Aug - 2021 03 Min 31 Sec 14/20
ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | Economic goods produced by firms are called |
A. productivity
B. innovation
C. technological progress
D. output
|
| 3 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 4 | Equilibrium price of a product is determined by: |
A. The gomverment
B. An industrialist
C. Market competition
D. An agriculturist
|
| 5 | Land as used in economics |
A. is a free gift of nature
B. is unlimited in quantity
C. is not hirable
D. excludes oceans
|
| 6 | Which of the following factors takes risk, innovates and coordinates |
A. capital
B. labour
C. bank
D. entrepreneur
|
| 7 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 8 | Price determined in case of a perishable good will be. |
A. Normal price
B. Market price
C. Short run price
D. Long run price
|
| 9 | If the government supplies a product at a price less than the equilibrium price, it will create: |
A. Shortage
B. Surlius
C. Non of the two
D. Equilibrium quantity
|
| 10 | For production of goods we need factors |
A. few
B. 2
C. 4
D. unlimited
|
Test Questions
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