#### 11th Standard Economics English Medium Free Online Test One Mark Questions with Answer Key 2020 - Part Four

11th Standard

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Economics

Time : 00:10:00 Hrs
Total Marks : 10

10 x 1 = 10
1. Which theory is generally included under micro economics?

(a)

Price Theory

(b)

Income Theory

(c)

Employment Theory

(d)

2. Economics according to the Lionel Robbins is a___________ science.

(a)

normative

(b)

applied

(c)

positive

(d)

experimental

3. Wants may be both __________ and complementary.

(a)

Alternative

(b)

Competitive

(c)

End

(d)

Essential

4. Price elasticity of demand is defined as the responsiveness of_____________.

(a)

price to a change in quantity demanded

(b)

quantity demanded to change in price

(c)

price to a change in income

(d)

quantity demanded to a change in income

5. Entrepreneur stand to benefit from the resulting _____________ .

(a)

Diseconomies of scale

(b)

Economies of scale

(c)

Output

(d)

Price

6. Monopolistic competition is a form of __________

(a)

Oligopoly

(b)

Duopoly

(c)

Imperfect competition

(d)

Monopoly

7. Residual Claimant Theory is propounded by _________.

(a)

Keynes

(b)

Walker

(c)

Hawley

(d)

Knight

8. The average wage of a worker can be calculated by using _____________ formula.

(a)

Average Wage per Worker = ${{Total\ Wage\ Fund}\over{No.\ of\ Workers}}$

(b)

Marginal Wage of Worker = ${{Total\ Wage\ }\over{No.\ of\ Workers}}$

(c)

Average Wage per Worker x Price

(d)

Average Wage x Output

9. India has launched ________ number of five year plans so far.

(a)

12

(b)

11

(c)

10

(d)

13

10. Value Added Tax is ________ .

(a)

Multipoint tax

(b)

Single point tax

(c)

Direct tax

(d)

All the above