Economics Ics Part 1 English Medium Chapter 7 Online Test With Answers

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Economics Ics Part 1 English Medium Chapter 7 Online Test

Sr. # Questions Answers Choice
1 When supply rises more than demand price of the product will. Rise Fall Remain unchanged Non of the three
2 When demand rises more than supply price of the product will. Rise Fall Remains unchanged None of the three
3 Price determined in case of a perishable good will be. Normal price Market price Short run price Long run price
4 If supply rises more than demand, price of the product will. Fall Rise Not change Change
5 If the government supplies a product at a price less than the equilibrium price, it will create: Shortage Surlius Non of the two Equilibrium quantity
6 The supply of perishable goods is. Elastic Inelastic Perfectly elastic None of the above
7 Long-run price of a durable good is always less than its short run price . it is because. Long -run supply is more elastic than short-run supply curve. Long -run supply is less elastic than short-run supply curve. Long and short-run supply curves are equally elastic None of the three
8 When both demand and supply fall in equal proportions, price of the product will . Fall Rise Remain the same None of the above
9 Given the supply curve, a fall in demand will. Increase equilibrium quantity of the product Decrease equilibrium quantity of the product Not affect equilibrium quantity Not affect equilibrium price
10 With a fixed in the market period, if the demand of a product rises, then: Price will fall Price will rise Price will remain the same None of the three
11 Given the demand curve, a rise in supply will. Increase quantity supplied Price will fall Price will rise Both (a) and (b)
12 Equilibrium price of a product is determined by: The gomverment An industrialist Market competition An agriculturist
13 If a firm increases the ratio of capital to labour, it becomes more labour intensive capital intensive output intensive input intensive
14 Land, labour and capital are needed to produce goods. They are collectively called elements of production factors of production tools of production cost of production
15 Which is true labour produces land land produces labour labour produces capital capital produces labour
16 Production in economic means factors of production doing some job output of goods profit
17 An example of natural resource is factory skilled doctor oil reserves in the ground oil reserves in storage tank
18 Natural environment that supports production of goods and services is included in labour money capital land
19 Productivity of land can be raised by decreasing farm size intensive cultivation better marketing increasing money supply
20 Standard of living of a country can be raised if it increases labour force production money supply exports
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