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ICS Part 1 Economics Chapter 7 MCQs Test

First Year Economics Chapter 7 Online MCQ Test for 1st Year Economics Chapter 7 (Production and Production Function)

This online test contains MCQs about following topics:

Factors of production - Production Function

ICS Part 1 Economics Chapter 7 Test

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First Year Economics Chapter 7 Online MCQ Test for 1st Year Economics Chapter 7 (Production and Production Function)

Sr. # Questions Answers Choice
1 Land, labour and capital are needed to produce goods. They are collectively called
  • A. elements of production
  • B. factors of production
  • C. tools of production
  • D. cost of production
2 When supply rises more than demand price of the product will.
  • A. Rise
  • B. Fall
  • C. Remain unchanged
  • D. Non of the three
3 Land means
  • A. sea
  • B. surface of earth
  • C. natural forests
  • D. all natural resources
4 The following is <i>NOT</i>a factor of production
  • A. labour
  • B. entrepreneurship
  • C. land
  • D. money
5 The transformation of resources into economic goods and services is called
  • A. technical efficiency
  • B. input
  • C. production
  • D. increasing returns
6 Which of the following input factor takes risk, innovates and coordinates
  • A. capital
  • B. labour
  • C. productivity
  • D. entrepreneur
7 Which of the following factors takes risk, innovates and coordinates
  • A. capital
  • B. labour
  • C. bank
  • D. entrepreneur
8 Land as used in economics
  • A. is a free gift of nature
  • B. is unlimited in quantity
  • C. is not hirable
  • D. excludes oceans
9 When demand rises more than supply price of the product will.
  • A. Rise
  • B. Fall
  • C. Remains unchanged
  • D. None of the three
10 Which is true
  • A. labour produces land
  • B. land produces labour
  • C. labour produces capital
  • D. capital produces labour

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