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

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ICS Part 1 Economics Chapter 7 MCQs Test

This online test contains MCQs about following topics:

Economics Ics Part 1 English Medium Chapter 7 Online Test

Try the Economics Ics Part 1 English Medium Chapter 7 Online Test.

  • Total Questions20

  • Time Allowed30

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Economics Ics Part 1 English Medium Chapter 7 Online Test

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Question # 1

Price determined in case of a perishable good will be.

Question # 2

Production in economic means

Question # 3

Economic goods produced by firms are called

Question # 4

Which of the following factors takes risk, innovates and coordinates

Question # 5

Which of the following input factor takes risk, innovates and coordinates

Question # 6

Given the supply curve, a fall in demand will.

Question # 7

The transformation of resources into economic goods and services is called

Question # 8

Land means

Question # 9

When supply rises more than demand price of the product will.

Question # 10

Economic development of a country requires

Question # 11

Equilibrium price of a product is determined by:

Question # 12

When both demand and supply fall in equal proportions, price of the product will .

Question # 13

Productivity of land can be raised by

Question # 14

Land, labour and capital are needed to produce goods. They are collectively called

Question # 15

Standard of living of a country can be raised if it increases

Question # 16

If supply rises more than demand, price of the product will.

Question # 17

Given the demand curve, a rise in supply will.

Question # 18

An example of natural resource is

Question # 19

Labour is hirable but you cannot hire

Question # 20

When demand rises more than supply price of the product will.

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Factors of production - Production Function

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