7th Chapter

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

Start Chapter 7 Test

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

Sr. # Questions Answers Choice
1 The supply of perishable goods is.
  • A. Elastic
  • B. Inelastic
  • C. Perfectly elastic
  • D. None of the above
2 Which of the following factors takes risk, innovates and coordinates
  • A. capital
  • B. labour
  • C. bank
  • D. entrepreneur
3 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
4 Natural environment that supports production of goods and services is included in
  • A. labour
  • B. money
  • C. capital
  • D. land
5 Productivity of land can be raised by
  • A. decreasing farm size
  • B. intensive cultivation
  • C. better marketing
  • D. increasing money supply
6 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
7 Price determined in case of a perishable good will be.
  • A. Normal price
  • B. Market price
  • C. Short run price
  • D. Long run price
8 Standard of living of a country can be raised if it increases
  • A. labour force
  • B. production
  • C. money supply
  • D. exports
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 If supply rises more than demand, price of the product will.
  • A. Fall
  • B. Rise
  • C. Not change
  • D. Change

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