Objective Types Question

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mp board 12th economics important questions 2021, class 12th economics important questions 2021 mp board , mp board 12th econmic imp question

Choose the correct Answers

1] Micro economics studies

a) individual economic units ✓

b) aggregatives

c) individual units and aggregative both

d) Burning problems

 

2] microeconomics and macroeconomics both are

a) opposite to each other

b) complementary✓

c) appsolutely separate

d) alternative to each other

 

3] Indian economy is:

a) centrally planned economy

b) market economy

c)mixed economy✓

d) none of these

 

4] when marginal utility is zero the total utility will be

a) zero

b) diminishes

c) maximum✓

d) increases

 

5) an indifference curve is always:

a) convex to the origin✓

b) concave to the origin

c) a vertical straight line

d) a horizontal straight line

 

6) the slope of the indifference curve shows:

a) the price ratio

b) diminishing✓

c) factor substitution

d) marginal utility

 

7) which of the following is a example of complementary goods

a) tea and coffee

b) Coke and Pepsi

c) rice and wheat

d) none of these✓

 

8) there will be_in the demand curve of cars with an increase in the price of petrol

a) rightward shift

b) upward movement

c) leftward shift✓

d) downward movement

 

9)If due to fall in the price of good X demand for good Y rises , the two goods are (choose the correct alternative)

a) substitute

b) complements✓

c)Not related

d) competitive

 

10) there are factors of production

a) Two

b) Three

c) four✓

d) Five

 

11) which cost never become a zero

a) marginal cost

b) fixed cost✓

c) variable cost

d) opportunity cost

 

12)Which case supply falls at the same price

a) decrease in supply✓

b) contraction in supply

c) increase in supply

d) expansion in supply

 

13) when the price of the commodity rises then the demand –

a) increase

b)remains constant

c) becomes zero

d)decreases ✓

 

14) there are large number of buyersand sellers in:

a) perfect competition only

b) monopolistic competition only

c) both in ( a)and( b)✓

d) oligopoly

 

15) market price is determined by-:

a)Individual demand schedule✓

b)individual supply schedule

c) supply schedule of market

d)none of these

 

16) administrative price is:

a)Price ceiling

b)price floor

c) both a and b ✓

d)none of these

 

17 macroeconomic is related to –

a) individual quantity

b) collective quantity✓

c) industrial production

d) collective production

 

18) which of the following is a consumtion sector ?

a) households✓

b) firms

c) foreign

d) government

 

19) which of the following is not a flow

a) capital ✓

b) income

c) investment

d) depreciation

 

20) national income is computed

a) annually

b)half yearly

c) quarterly

d) once in five years

21) which of the following method can be used to calculate national income

a)Income method

b) expenditure method

c) value added method

d)all of the above✓

 

22) function of money is:

a)Medium of exchange

b) measure of value

c) store of value

d)all of the above✓

 

23) who regulates money supply

a)Government of India

b) reserve Bank of India ✓

c)commercial banks

d) planning commission

 

24) which of the following is not a problem of barter system of exchange?

a)Store of value

b) double coincidence of wants

c)unit of account

d) unemployment ✓

 

25] the duration of government budget is

a)5years

b)2years

c)4years

d)1years✓

 

26]Budget speech in Lok Sabha is given by

a)President

b)prime Minister

c)finance minister✓

d) home minister

 

27) balance of trade means

a)Capital transaction

b) import and export of goods✓

c) total credit and debit

d)all of the above

 

28)Balance of payment is a __ concept-

a)Stock

b)flow✓

c) both a&b

d) neither a nor b

 

29) flexible exchange rate system known as

a)Pegged Exchange rate system

b)dirty floating

c) floating exchange rate

d) both b and c

 

30) foreign exchange rate is determined bye

 

a) demand of foreign currency

b)supply of foreign currency

c) demand and supply in foreign exchange market

d)none of these

 

 

 

 

 

 

 

 

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Fill in the blanks

1)Small variables are studies in____economics.

2) macro economics studies the ___phenomena.

3) the capacity of commodity to satisfy human wants is known as___

4) Basically utilities are of ___types

5) indifference map is a ___of indifference curve.

6) higher indifference curve always show a ___label of satisfaction

7) there are ___types of elasticity of demand

8) law of demand is a ___term

9) there are __ factor of production

10) average revenue is also called as ___of community.

11) the relationship between inputs and outputs is called __ function.

12) marginal cost curve always___

13) the law of supply does not apply to ____commodities.

14) supply of a commodity is a part of its___

15) supply curve means a ____presentation of supply schedule

16)____is not found in practical life

17) price floor is called____

18) price ceiling is made by the___

19) the point at which the force and supply is equal to known as____

20) price range and price floor are called also ___prices

21) the other name of minimum determined price is___

22) instrument demand is ___demand

23) Bank deposit represent a___

24) microeconomics and macroeconomics both are____

25) The Concept of macro economics was propounded by __

26) national income is computed___

27) per capita income is arrived at if we divide total national income by total___

28) final goods are used either for consumption or for____

29) indirect tax is the difference between indirect taxes and____

30) money is ____a part of our economy.

31) money is a good servant but ___master

32) medium of exchange___ is function of money

33) reserve Bank of India was nationalised on _

34) cash reserve ratio ( CRR)is a fixed by __

35) the budget speech delivered in the the Parliament by the __ minister

36) government budget is a instrument of ___policies

37) balance of trade includes____ items

38) devaluation of a country’s currency is made by __ decision

39) balance of payment always remains____

40) the rate of exchange is the price of one currency expressed in terms of___

 

 

 

 

MATCH THE COLUMNS

1) mixed economy – Indian economy

2) point of sateity. – zero marginal utility

3) law of diminishing marginal utility – first law of gassen

4) utility – satisfaction

5) indifference map – group of indifference cuvres

6) indifference curve – does not cut each other

7) inferior commodity – giffen paradox

8) fixed cost. – supplementary cost

9) total cost ÷ total quantity produced = – average total cost

10) stage of earning maximum profit – firms equilibrium

11) supply curve is less elastic -. in the short run

12) supply curve of firm in long run – highly elastic

13) equilibrium of firm – AR=MR

14) price range – public distribution system

15) price floor -minimum wage provision

16 national income is related to to – macro economic

17) individual standard of living. – can be no by per capita income

18) medium of exchange is – a primary function of money

19) for issuing currency notes – by reserve Bank of India

20) Central budget is presented by – the finance Minister

21) income tax is the main source of – Central Government revenue

22) budget is presented – 31st March

23) balance of trade includes – only visible items

24) balance of payment is always – in balance

25) India’s balance of payments – aways favourable

 

 

 

 

 

Answer the following question in one word

1) which type of economy is adopted by India?

2) in which type of economy private sector is restricted?

3) the capacity of commodity to satisfy woman wants is known as

4) the utility derived from the additional unit of a community is known as

5) which curve is convex to origin

6) at the point of satiety the utility will be

7) what type of elasticity of demand is prevailed in luxurious goods?

8) the point at which the utility maximisation of a consumer is a possible is the known as

9) on which factors marginal cost depends

10) which coast is known as transferable revenue

11) the sum total of fixed cost and variable cost is equal to what

12) the factor which lead to a change in the supply of a commodity are called

13) which which is the most important factor determining the supply of a commodity

14) which type of competition is not found in practical life

15) the point at which the demand and supply is equal to known as

16) which which force predominant rule in the short period market

17) what is the determination the equilibrium price called

18) which price protect the interest of the producers

19) which phenomena are analysed in macroeconomics

20) can the microeconomic analysis reveale the situation of whole economy

21) how many times national income is generally computed in year

22) what is deducted from personal income for finding out personal disposable income

23) how is the standard of living of people where per capital income is more

24) in which year the reserve Bank of India was

25) which bank in banker to bank in India

26) under which act commercial banks in India established

27) what for the reserve Bank of India rises cash reserve ratio

28)which bank act as agent of reserve Bank of India

29) what is the minimum limit of gold reserve for note issue

30) who present the government budget

31) by whom budget proposal are approved

32) in which month Central budget is presented

33) which item are included in balance of trade

34) which is balance of trade

35) what do call to price of countries currency in term of the price of other country currency

36) which item are included in balance of payment

 

 

 

 

Answer the following is true and false

1) individual economic units are studies in microeconomics

2) microeconomics analysis is helpful in economic planning

3) trade cycle are studied in macroeconomic analysis

4) the capacity to satisfy human wants to utility

5) an indifference curve can touch x axis and y axis

6) the law of diminishing marginal utility is propounded by Hicks

7) consumer equilibrium remains unaffected with the change in price and income

8) contraction of demand is a result of rise in price

9) elasticity of demand is hypothetical or imaginary concept

10) the law of diminishing return is universal

11) fixed cost is also known as supplementary cost

12) in long run difference between fixed cost and variable cost exists

13) firms equilibrium means the stage of its earning maximum profit

14)supply is always unit elastic for all supply curves starting from the origin

15)the supply of curve of a commodity shifts to the right when price of other goods rise

16) the force of demand and supply remain constant in long term

17) the demand of commodity is determined by the law of demand

18) under perfect competition the buyers and sellers should have little knowledge about the market.

19) the price floor is also called lowest fixed price

20) main objective of price range determination is to earn profit

21) microeconomics is based on unrealistic assumption

22) national income is computed once in 5 years

23)personal income can be know the basis of national income

24) all personal incomes are personal disposable incomes

25 India’s per capita income is very low in comparison to that of developed nation

26) transfer of value is the primary function of money

27) all currency is money but all money is not currency

28) money has not remove the inconveniences of barter

29) the reserve Bank of India give loan to public

30) discounting of bills is a primary function of bank

31) deficit budget it government is not said to be a good budget

32) the budget speed is delivered by the home Minister

33) balance budget is gift for economic development

34) balance of trade includes both visible as well as non visible item

35) balance of trade is a part of balance of payment

36) balance of payment is always in balance

37) export promotion help to correct the deficit of balance of payment

38) political instability adversely affect the foreign exchange rate of countries currency

 

 

Class 12th Economic Imp Questions 2021

Objectives Answers

1)Fill in the blanks Answer ? 1) micro 2) aggregative 3) utility 4)three 5)group 6) higher 7)five ) 8) qualitative 9) four 10) price 11) production 12)leads 13) perishable 14)stock 15) graphical 16) perfect competition 17) minimum support price 18) monopolistic 19) equilibrium price 20) administrative 21) price floor 22)derrivative 23)prof.amartya sen 24)inter dependent 25) keynes 26) annually 27) population 28) investment 29) subsidies 30) indispensable 31)bad 32) primary 33)1st January 1949 34)the central bank 35) finance 36)fiscal 37) visible 38) government 39) balance 40) another currency

 

 

One Word Ans… 1) mixed economy 2)In Socialistic 3) utility 4) marginal utility 5) indifference curve 6) maximum 7) perfectly elastic 8) consumer equilibrium 9)on variable cost 10) opportunity cost 11) total cost 12) determination 13) price 14) perfect competition 15) equilibrium point 16)force of demand 17) price floor 18) price floor 19) aggregative units 20)No 21) once 22) personal direct tax 23)high 24)1949 25) reserve Bank of India 26) companies act 2013 27) correcting inflation 28) State Bank of India 29)115 crore 30) finance Minister 31) Parliament 32) February 33) only visible 34) balance of payment 35) exchange rate 36) visible or non visible both

 

 

 

 

True & False Ans… 1) True 2) true 3) true 4) true 5) false 6) false 7) false 8) true 9) false 10)true 11) true 12)false 13)true 14)true 15) false 16)false 17) true 18) false 19) true 20) false 21) true 22) false 23) false 24)false 25)true 26) false 27) true 28) false 29)false 30)false 31)false 32) false 33) true 34) false 35) true 36)true 37) true 38)true

 

 

 

 

UNIT – 1

 

1) Introduction micro and macro economics
Central problem of an Economy

1 write the characteristic of microeconomics
2 Give the Four Importance Of Micro Economic?
3 Give the four importance of Macro Economic ? ✓
4) Write the difference between micro economic and macro economic ? ✓
5) what are economic problems ? why do economic problems arise?
6) write difference between positive economic and normative Economic ? ✓

 

 

 

 

 

2) Consumer Behaviour And Demand

1)Write the difference between budget set and budget line. ✓
2) Give definition of utility ? Write the Characteristics of utility ✓
3)write the difference between marginal utility and total utility ?✓
4) Give Defination of law of dimnishing marginal utility ? Write the assumtions of the law ?
5) explain the types of price elasticity of demand
6) write defects of the law of diminishing Marginal utility ?
7) Define consumer equilibrium ? Write Assumption of consumer equilibrium ? ✓
8) Write the types of utility
9) write the characteristic of indifference curve ? ✓
10) write the essential elements of demand ?
11) write factors affecting price elasticity of Demand ? ✓
12) give definition of law of demand ? write assumtions of the law of demand ? ✓

 

 

 

 

3) Production Function Coast Revenue and Producer Equilibrium

1) write difference between Fixed cost and variable cost ✓
2)’ what do you understand by production cost explain the meaning of marginal cost, Fixed cost and variable cost ?
3) Explain the concept of total revenue & average revenue , marginal revenue ?
4) Define production function ? Write essential elements of production function ✓
5) write the difference between variable factors and fixed factors? ✓
6) Explain the law variable proportion ? ✓
7) write difference between explicit cost implicit cost ?
8) why cost Curve ” U ” shaped ? Give Reason ?

 

 

 

 

 

4) Supply

1 Give definition of supply ? write the essential elements of supply ?
2 write the difference between stock and supply ? ✓
3 Explain the law of supply ?
4 what is meant by price elasticity of supply ? explain the five types of elasticity of supply ?
5 Explain the supply function with types ?
6 Explain the individual supply and market supply ? ✓
7 write the difference between contraction in supply and decrease in supply ?

 

 

 

 

 

UNIT – 2

 

5) Forms of Market and Price Determination Under Perfect Compitition

1) Write difference between market price and normal price ✓
2) write the characteristic of market price
3) write the characteristic of normal price
4) write the difference between monopoly and perfect competition ✓
5) write the difference between perfect competition and monopolistic competition ✓
6) write the difference between monopoly and monopolistic competition
7) write the Characteristic of oligopoly ✓
8) Discuss the factor affecting the extent of market ✓

 

 

 

 

 

6) Simple Application of Demand and Supply Curves

1) what is administrative price
2) what is price floor ? give the example of price floor ✓
3) what is Price Selling ?
4) what is meant by disposable personal income ✓

 

 

 

UNIT – 3

7-8 ) National Income & Related Aggregate

 

1) write the difference between national income and per capita income ✓
2) write the difference between national income and national wealth
3) write the importance of national income ✓
4) Explain the causes of low national income ✓
5) write suggestion to increase national
6) write the difference between substitute goods and complementary goods ✓
7) write the difference between nominal GDP and real GDP ✓
8) Explain National Income , Personal Income , Final Goods , Expenditure Method , Value Added Method

 

 

 

 

 

9) Money & Banking

1) Define Money Supply
2) what do you mean by high powered money ✓
3) what do you mean by CRR ✓
4) write the difference between scheduled banks and non scheduled banks✓
5) write the inconveniences barter system ✓
6) write the primary function of money
7) write the difference between Central Bank and commercial bank ✓
8) write the difference between bank rate and repo rate ✓
9) what is central bank ?write any five function of it.
10) Define Bank ? Discuss the importance of banks in India ✓
11) write the function of commercial Bank ✓

10) Determination of income and Employment
( This chapter will not come this year )

 

 

 

 

 

11) Government Budget And Economy

1) write the the merits of the direct taxes ✓
2) write demerits of direct taxes
3) write the difference between revenue receipt and capital receipt✓
4) write the difference between revenue expenditure and capital expenditure ✓
5) explain the importance of budget
6) explain the types of budget
7) write the characteristic of budget ✓
8) write the difference between primary deficit and fiscal deficit

 

 

 

 

 

 

12) Balance of Payment

1) write the difference between balance of trade and balance of payment ✓
2) Describe the composition of balance of payment
3) Describe measure to improve the condition of unfavourable balance of payment ✓
4) Discuss the monetary measure of correcting this equilibrium in balance of payment
5) Discuss the non monetary measure of correcting disequilibrium in balance of payment
6) write the importance of balance of payment ✓
7) write the difference between devaluation and depreciation ✓
8) discuss between flexible exchange rate system and floating exchange rate system

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