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

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

Sr. # Questions Answers Choice
1 Production in economic means
  • A. factors of production
  • B. doing some job
  • C. output of goods
  • D. profit
2 The supply of perishable goods is.
  • A. Elastic
  • B. Inelastic
  • C. Perfectly elastic
  • D. None of the above
3 Natural environment that supports production of goods and services is included in
  • A. labour
  • B. money
  • C. capital
  • D. land
4 Labour is hirable but you cannot hire
  • A. capital
  • B. land
  • C. manager
  • D. entrepreneur
5 Productivity of land can be raised by
  • A. decreasing farm size
  • B. intensive cultivation
  • C. better marketing
  • D. increasing money supply
6 Economic development of a country requires
  • A. skilled lobour
  • B. diplomacy
  • C. abundant natural resources
  • D. a and c of aboce
7 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
8 The transformation of resources into economic gods and services is
  • A. input
  • B. production
  • C. entrepreneur
  • D. market
9 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
10 Standard of living of a country can be raised if it increases
  • A. labour force
  • B. production
  • C. money supply
  • D. exports

Share your comments questions here
Sort By:
X

Sign in

to continue to ilmkidunya.com

inquiry-image

Free Admission Advice

Fill the form. Our admission consultants will call you with admission options.

X

Sign in

to continue to ilmkidunya.com

X

Sign in

to continue to ilmkidunya.com

X

Forgot Password

to continue to ilmkidunya.com

X

Register Type

Please Provide following information to Register

  • Student
  • Tutor
  • Consultant
  • Employer