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12th Standard Economics English Medium Free Online Test One Mark Questions with Answer Key 2020 - Part Nine

12th Standard

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Economics

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

    Answer all the questions

    10 x 1 = 10
  1. Indicate the contribution of J M Keynes to economics

    (a)

    Wealth of Nations

    (b)

    General Theory

    (c)

    Capital

    (d)

    Public Finance

  2. Assertion (A) :In a mixed economy, all the resources are owned and operated by the government.
    Reason (R) :Public welfare is the mainmotive behind all economic activities in mixed economy

    (a)

    Both A and R are true and R is the correct explanation of A

    (b)

    Both A and R are true but R is not the correct explanation of A.

    (c)

    A is true but R is false.

    (d)

    Both A and R arefalse

  3. The value of national income adjusted for inflation is called_________

    (a)

    Inflation Rate

    (b)

    Disposal Income

    (c)

    GNP

    (d)

    Real national income

  4. GDP Deflator is also called as:

    (a)

    Implicit Cost Deflator

    (b)

    GDP at Factor Cost

    (c)

    Implicit Wage Deflator

    (d)

    Implicit Price Deflator

  5. Keynes theory emphasized on________ equilibrium

    (a)

    Very short run

    (b)

    Short run

    (c)

    Very long run

    (d)

    Long run

  6. In an open economy import _________ the value of the multiplier

    (a)

    Reduces

    (b)

    increase

    (c)

    does not change

    (d)

    changes

  7. Assertion (A) A country can gain from trade when it produces at relatively lower costs.
    Reason (R) When a country enjoys absolute advantage in both goods, the country would specialize in the production and export of those goods which are relatively more advantageous

    (a)

    Both (A) and (R) are true and (R) is the correct explanation of (A).

    (b)

    Both (A) and (R) are true, but (R) is not the correct explanation of (A).

    (c)

    (A) is true, but (R) is false.

    (d)

    (A) is false, but (R) is true.

  8. The GATT was transformed into WTO on ________.

    (a)

    1995

    (b)

    1965

    (c)

    1975

    (d)

    1985

  9. Eutrophication______________the oxygen in water which negatively affects fish and other aquatic animal population

    (a)

    inflates

    (b)

    depletes

    (c)

    increases

    (d)

    keeps

  10. Arrange following plans in correct chronological order
    (i) People's Plan
    (ii) Bombay Plan
    (iii) Jawaharlal Nehru Plan
    (iv) Vishveshwarya Plan

    (a)

    (i) (ii) (iii) (iv)

    (b)

    (iv) (iii) (ii) (i)

    (c)

    (i) (ii) (iv) (iii)

    (d)

    (ii) (i) (iv) (iii)

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