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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 The following is <i>NOT</i>a factor of production
  • A. labour
  • B. entrepreneurship
  • C. land
  • D. money
2 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
3 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
4 Production in economic means
  • A. factors of production
  • B. doing some job
  • C. output of goods
  • D. profit
5 Long-run price of a durable good is always less than its short run price . it is because.
  • A. Long -run supply is more elastic than short-run supply curve.
  • B. Long -run supply is less elastic than short-run supply curve.
  • C. Long and short-run supply curves are equally elastic
  • D. None of the three
6 Which of the following input factor takes risk, innovates and coordinates
  • A. capital
  • B. labour
  • C. productivity
  • D. entrepreneur
7 Productivity of land can be raised by
  • A. decreasing farm size
  • B. intensive cultivation
  • C. better marketing
  • D. increasing money supply
8 Labour is hirable but you cannot hire
  • A. capital
  • B. land
  • C. manager
  • D. entrepreneur
9 For production of goods we need factors
  • A. few
  • B. 2
  • C. 4
  • D. unlimited
10 With a fixed in the market period, if the demand of a product rises, then:
  • A. Price will fall
  • B. Price will rise
  • C. Price will remain the same
  • D. None of the three

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