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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 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
2 Economic goods produced by firms are called
  • A. productivity
  • B. innovation
  • C. technological progress
  • D. output
3 When supply rises more than demand price of the product will.
  • A. Rise
  • B. Fall
  • C. Remain unchanged
  • D. Non of the three
4 Natural environment that supports production of goods and services is included in
  • A. labour
  • B. money
  • C. capital
  • D. land
5 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
6 Price determined in case of a perishable good will be.
  • A. Normal price
  • B. Market price
  • C. Short run price
  • D. Long run price
7 Economic development of a country requires
  • A. skilled lobour
  • B. diplomacy
  • C. abundant natural resources
  • D. a and c of aboce
8 Land means
  • A. sea
  • B. surface of earth
  • C. natural forests
  • D. all natural resources
9 Land is
  • A. hirable
  • B. not hirable
  • C. homogeneous
  • D. a form of capital
10 The transformation of resources into economic gods and services is
  • A. input
  • B. production
  • C. entrepreneur
  • D. market

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