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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
The supply of perishable goods is.
Question # 2
Which is true
Question # 3
With a fixed in the market period, if the demand of a product rises, then:
Question # 4
Land means
Question # 5
Given the demand curve, a rise in supply will.
Question # 6
When supply rises more than demand price of the product will.
Question # 7
Geographical mobility is not possible for
Question # 8
Standard of living of a country can be raised if it increases
Question # 9
Which of the following input factor takes risk, innovates and coordinates
Question # 10
Land, labour and capital are needed to produce goods. They are collectively called
Question # 11
Land is
Question # 12
Land as used in economics
Question # 13
If a firm increases the ratio of capital to labour, it becomes more
Question # 14
Economic goods produced by firms are called
Question # 15
Natural environment that supports production of goods and services is included in
Question # 16
The transformation of resources into economic goods and services is called
Question # 17
Economic development of a country requires
Question # 18
The transformation of resources into economic gods and services is
Question # 19
Labour is hirable but you cannot hire
Question # 20
For production of goods we need factors
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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ICS Part 1 Economics Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | Which of the following is NOT an input |
A. labour
B. entrepreneurship
C. natural resources
D. production
|
| 3 | Land is |
A. hirable
B. not hirable
C. homogeneous
D. a form of capital
|
| 4 | 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
|
| 5 | The transformation of resources into economic goods and services is called |
A. technical efficiency
B. input
C. production
D. increasing returns
|
| 6 | 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
|
| 7 | Economic development of a country requires |
A. skilled lobour
B. diplomacy
C. abundant natural resources
D. a and c of aboce
|
| 8 | Which of the following input factor takes risk, innovates and coordinates |
A. capital
B. labour
C. productivity
D. entrepreneur
|
| 9 | 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)
|
| 10 | The following is NOTa factor of production |
A. labour
B. entrepreneurship
C. land
D. money
|
Test Questions
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