11th class Economics chapter 7 online mcq test with answers for ICS part 1 Economics chapter 7 (Production and Production Function)

Question # 1

Productivity of land can be raised by

decreasing farm size A
intensive cultivation B
better marketing C
increasing money supply D

Question # 2

Which of the following input factor takes risk, innovates and coordinates

capital A
labour B
productivity C
entrepreneur D

Question # 3

Which of the following is NOT an input

labour A
entrepreneurship B
natural resources C
production D

Question # 4

Labour is hirable but you cannot hire

capital A
land B
manager C
entrepreneur D

Question # 5

Natural environment that supports production of goods and services is included in

labour A
money B
capital C
land D

Question # 6

With a fixed in the market period, if the demand of a product rises, then:

Price will fall A
Price will rise B
Price will remain the same C
None of the three D

Question # 7

Land means

sea A
surface of earth B
natural forests C
all natural resources D

Question # 8

Which of the following factors takes risk, innovates and coordinates

capital A
labour B
bank C
entrepreneur D

Question # 9

Standard of living of a country can be raised if it increases

labour force A
production B
money supply C
exports D

Question # 10

The three broad types of productive resources are

money, profit and interest A
capital, labour and natural resources B
labour, stock shares and deposits C
technology, landl and markets D

Question # 11

Price determined in case of a perishable good will be.

Normal price A
Market price B
Short run price C
Long run price D

Question # 12

When supply rises more than demand price of the product will.

Rise A
Fall B
Remain unchanged C
Non of the three D

Question # 13

The supply of perishable goods is.

Elastic A
Inelastic B
Perfectly elastic C
None of the above D

Question # 14

Economic development of a country requires

skilled lobour A
diplomacy B
abundant natural resources C
a and c of aboce D

Question # 15

Land as used in economics

is a free gift of nature A
is unlimited in quantity B
is not hirable C
excludes oceans D

Question # 16

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. A
Long -run supply is less elastic than short-run supply curve. B
Long and short-run supply curves are equally elastic C
None of the three D

Question # 17

Land is

hirable A
not hirable B
homogeneous C
a form of capital D

Question # 18

The transformation of resources into economic gods and services is

input A
production B
entrepreneur C
market D

Question # 19

Land, labour and capital are needed to produce goods. They are collectively called

elements of production A
factors of production B
tools of production C
cost of production D

Question # 20

When both demand and supply fall in equal proportions, price of the product will .

Fall A
Rise B
Remain the same C
None of the above D

Sr.#	Question	Answer
1	Price determined in case of a perishable good will be.	A. Normal price B. Market price C. Short run price D. Long run price
2	When demand rises more than supply price of the product will.	A. Rise B. Fall C. Remains unchanged D. None of the three
3	Land means	A. sea B. surface of earth C. natural forests D. all natural resources
4	For production of goods we need factors	A. few B. 2 C. 4 D. unlimited
5	Economic development of a country requires	A. skilled lobour B. diplomacy C. abundant natural resources D. a and c of aboce
6	Which of the following input factor takes risk, innovates and coordinates	A. capital B. labour C. productivity D. entrepreneur
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	Production in economic means	A. factors of production B. doing some job C. output of goods D. profit
9	Productivity of land can be raised by	A. decreasing farm size B. intensive cultivation C. better marketing D. increasing money supply
10	Which of the following is NOT an input	A. labour B. entrepreneurship C. natural resources D. production

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Economics Ics Part 1 English Medium Chapter 7 Online Test

Productivity of land can be raised by

Which of the following input factor takes risk, innovates and coordinates

Which of the following is NOT an input

Labour is hirable but you cannot hire

Natural environment that supports production of goods and services is included in

With a fixed in the market period, if the demand of a product rises, then:

Land means

Which of the following factors takes risk, innovates and coordinates

Standard of living of a country can be raised if it increases

The three broad types of productive resources are

Price determined in case of a perishable good will be.

When supply rises more than demand price of the product will.

The supply of perishable goods is.

Economic development of a country requires

Land as used in economics

Long-run price of a durable good is always less than its short run price . it is because.

Land is

The transformation of resources into economic gods and services is

Land, labour and capital are needed to produce goods. They are collectively called

When both demand and supply fall in equal proportions, price of the product will .

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