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12th Standard Economics English Medium Free Online Test 1 Mark Questions 2020 - Part Eight

12th Standard

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Economics

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

    Answer all the questions

    10 x 1 = 10
  1. Macro means ________.

    (a)

    Large

    (b)

    Aggregate

    (c)

    Economy as a whole

    (d)

    All the above

  2. Identify which is not a part of classification of economy based on Level of National Income

    (a)

    Foreign Income Economies

    (b)

    Low Income Economies

    (c)

    Middle Income Economies

    (d)

    High Income Economies

  3. Find the missing flow from households to government in the diagram

    (a)

    Revenue

    (b)

    Fees

    (c)

    Taxes

    (d)

    None of the above

  4. Unlike a market economy, a command economy uses

    (a)

    more centralized planning in economic decision making

    (b)

    consumer sovereignty to make production decisions

    (c)

    its resources more efficiently

    (d)

    price signals in economic decision making

  5. In the context of Labour income, which of the following is wrong?

    (a)

    Wages and salaries

    (b)

    fringe benefits

    (c)

    employer’s contribution to social security

    (d)

    state insurance

  6. Interest flexibility brings equality between __________

    (a)

    Income and consumption

    (b)

    Saving and investment

    (c)

    Demand and supply

    (d)

    Labour and capital

  7. Find the odd one with the context of aggregate demand

    (a)

    Consumption demand

    (b)

    Investment demand

    (c)

    Government expenditure

    (d)

    interest is equilibrating factor

  8. Lower interest rates are likely to :

    (a)

    Decrease in consumption

    (b)

    increase cost of borrowing

    (c)

    Encourage saving

    (d)

    increase borrowing and spending

  9. Stagflation combines the rate of inflation with

    (a)

    Stagnation

    (b)

    employment

    (c)

    output

    (d)

    price

  10. Conversion of public debt means exchange of

    (a)

    New bonds for the old ones

    (b)

    Low interest bonds for higher interest bonds

    (c)

    Long term bonds for short term bonds

    (d)

    All the above

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TN 12th Standard Economics free Online practice tests

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