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12th Standard English Medium Economics Reduced Syllabus One Mark Important Questions - 2021(Public Exam )

12th Standard

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Economics

Time : 01:00:00 Hrs
Total Marks : 50

    Part-A

    Multiple Choice Questions

    50 x 1 = 50
  1. A steady increase in general price level is termed as_____________.

    (a)

    wholesale price index

    (b)

    Business Cycle

    (c)

    Inflation

    (d)

    National Income

  2. Quantity of a commodity accumulated at a point of time is termed as ____________..

    (a)

    production

    (b)

    stock

    (c)

    variable

    (d)

    flow

  3. Planned economy is also known as _________.

    (a)

    Capitalist Economy

    (b)

    Socialist Economy

    (c)

    Mixed Economy

    (d)

    All the above

  4. Absence of Price Mechanism is a characteristic feature of the ___________.

    (a)

    Socialist economy

    (b)

    Capitalist economy

    (c)

    Traditional economy

    (d)

    Mixed economy

  5. Capitalism leads to ___________.

    (a)

    Central planning

    (b)

    Class struggle

    (c)

    Welfare

    (d)

    All the above

  6. Assertion (A) :The means of production in a capitalistic economy are publicly owned.
    Reason (R) :Manufacturers produce goods and services with profit motive

    (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

  7. The simple circular flow model shows that:

    (a)

    Households are on the buying side of both product and resource market

    (b)

    Businesses are on the selling side of both product and resource markets

    (c)

    Households are on the selling side of the resource market and on the buying side of the product market

    (d)

    Businesses are on the buying side of the product market and on the selling side of the resource market.

  8. Income method is measured by summing up of all forms of__________

    (a)

    Revenue

    (b)

    Taxes

    (c)

    expenditure

    (d)

    Income

  9. __________ is deducted from gross value to get the net value

    (a)

    Income

    (b)

    Depreciation

    (c)

    Expenditure

    (d)

    Value of final goods

  10. PQLI is the indicator of_____________

    (a)

    Economic growth

    (b)

    Economic welfare

    (c)

    Economic welfare

    (d)

    Economic development

  11. Percapita Income =

    (a)

    National Income - Population

    (b)

    Personal Income

    (c)

    National Income \(\div\) Population

    (d)

    National Income x Population

  12. GNP is the total measure of the flow of _______ and services.

    (a)

    Semi goods

    (b)

    Semi finished good

    (c)

    Final goods

    (d)

    None of these

  13. _________ Income is the buying power of nominal income.

    (a)

    Gross Income

    (b)

    Real Income

    (c)

    Percapita Income

    (d)

    National Income

  14. Tertiary sector is _________

    (a)

    Industry

    (b)

    Banking

    (c)

    Agriculture

    (d)

    Import and Export

  15. Disposable Income does not include:

    (a)

    Excise duty paid

    (b)

    Income tax

    (c)

    Customs duty paid

    (d)

    None of the above

  16. According to Keynes, which type of unemployment prevails in capitalist economy ?

    (a)

    Full employment

    (b)

    Voluntary unemployment

    (c)

    Involuntary unemployment

    (d)

    Under employment

  17. _________ Flexibility brings equality between saving and investment

    (a)

    Demand

    (b)

    Supply

    (c)

    Capital

    (d)

    Interest

  18. 'Full employmentas the absence of involuntary unemployment' was said by _________________

    (a)

    J.B. Say

    (b)

    Ricardo

    (c)

    J.M. Keynes.

    (d)

    Adamsmith

  19. A situation in which every able bodied person who is willing to work at the prevailing wage rate, is employed_________?

    (a)

    Less than full employment

    (b)

    Full employment

    (c)

    underemployment

    (d)

    structural employment

  20. In classical theory which of the following is found in the economy

    (a)

    Unemployment

    (b)

    Involuntary unemployment

    (c)

    Less than full employment

    (d)

    Full employment

  21. An increase in the marginal propensity to consume will:

    (a)

    Lead to consumption function becoming steeper

    (b)

    Shift the consumption function upwards

    (c)

    Shift the consumption function downwards

    (d)

    Shift savings function upwards

  22. If the Keynesian consumption function is C=10+0.8Y then, when disposable income is Rs 100, what is the marginal propensity to consume?

    (a)

    Rs.0.8

    (b)

    Rs.800

    (c)

    Rs.810

    (d)

    Rs.0.81

  23. The sum of the MPC and MPS is___________

    (a)

    1

    (b)

    2

    (c)

    0.1

    (d)

    1.1

  24. The term MEC was introduced by

    (a)

    Adam Smith

    (b)

    J.M. Keynes

    (c)

    Ricardo

    (d)

    Malthus

  25. ______________ is the author of the "General theory of employment, interest and money"

    (a)

    J.M. Keynes

    (b)

    J.B. Say's

    (c)

    David Ricardo

    (d)

    Malthus

  26. Irving Fisher’s Quantity Theory of Money was popularized in

    (a)

    1908

    (b)

    1910

    (c)

    1911

    (d)

    1914

  27. MV stands for

    (a)

    demand for money

    (b)

    supply of legal tender money

    (c)

    Supply of bank money

    (d)

    Total supply of money

  28. A Commercial Bank is an institutions that provides services

    (a)

    Accepting deposits

    (b)

    Providing loans

    (c)

    Both a and b

    (d)

    None of the above

  29. Repo Rate means.

    (a)

    Rate at which the Commercial Banks are willing to lend to RBI

    (b)

    Rate at which the RBI is willing to lend to commercial banks

    (c)

    Exchange rate of the foreign bank

    (d)

    Growth rate of the economy

  30. ARDC started functioning from

    (a)

    June 3, 1963

    (b)

    July 3, 1963

    (c)

    June I, 1963

    (d)

    July I, 1963

  31. Monetary policy his formulated by.

    (a)

    Co-operative banks

    (b)

    Commercial banks

    (c)

    Central Bank

    (d)

    Foreign banks

  32. 2016 Demonetization of currency includes denominations of

    (a)

    Rs.500 and Rs.1000

    (b)

    Rs.1000 and Rs2000

    (c)

    Rs.2c0 and Rs.500

    (d)

    All the above

  33. Exchange rates are determined in

    (a)

    money market

    (b)

    foreign exchange market

    (c)

    stock market

    (d)

    capital market

  34. Exchange rate for currencies is determined by supply a!ld demand under the-system of

    (a)

    Fixed exchange rate

    (b)

    Flexible exchange rate

    (c)

    Constant

    (d)

    Government regulated

  35. Who among the following enunciated the concept of single factoral terms of trade?

    (a)

    Jacob Viner

    (b)

    G.S.Donens

    (c)

    Taussig

    (d)

    J.S.Mill

  36. Tourism and travel are classified in which of balance of payments accounts?

    (a)

    merchandise trade account

    (b)

    services account

    (c)

    unilateral transfers account

    (d)

    capital account

  37. Cyclical disequilibrium in BOP occurs because of

    (a)

    Different paths of business cycle.

    (b)

    The income elasticity of demand or' price elasticity of demand is different.

    (c)

    long-run changes in an economy

    (d)

    Both (a) and (b)

  38. The other name for Special Drawing Rights is

    (a)

    Paper gold

    (b)

    Quotas

    (c)

    Voluntary Export Restrictions

    (d)

    None of these

  39. The headquarters of ASEAN is

    (a)

    Jaharta

    (b)

    New Delhi

    (c)

    Colombo

    (d)

    Tokyo

  40. The Tenth BRICS Summit was held in July 2018 at

    (a)

    Beijing

    (b)

    Moscow

    (c)

    Johannesburg

    (d)

    Brasilia

  41. The modern state is

    (a)

    Laissez-faire state

    (b)

    Aristocratic state

    (c)

    Welfare state

    (d)

    Police state

  42. The tax possesses the following characteristics

    (a)

    Compulsory

    (b)

    No quid pro quo

    (c)

    Failure to pay is offence

    (d)

    All the above

  43. "Revenue Receipts" of the Government do not include

    (a)

    Interest

    (b)

    Profits and dividents

    (c)

    Recoveries and loans

    (d)

    Rent from property

  44. The word budget has been derived from the French word "bougette" which means

    (a)

    A small bag

    (b)

    An empty box

    (c)

    A box with papers

    (d)

    None of the above

  45. Environmental goods are ____________

    (a)

    Market goods

    (b)

    Non-market goods

    (c)

    Both

    (d)

    None ofthe above

  46. Global warming also refers to as

    (a)

    Ecological change

    (b)

    Climate Change

    (c)

    Atmosphere change

    (d)

    None of the above

  47. The non-economic determinant of economic development

    (a)

    Natural resources

    (b)

    Human resource

    (c)

    Capital formation

    (d)

    Foreign trade

  48. Short-term plan is also known as________

    (a)

    Controlling Plans

    (b)

    De-controlling Plans

    (c)

    Rolling Plans

    (d)

    De-rolling Plans

  49. Expansion of NITI Aayog

    (a)

    National Institute to Transform India

    (b)

    National Institute for Transforming India

    (c)

    National Institution to Transform India

    (d)

    National Institution for Transforming India

  50. The data collected by questionnaires are_______

    (a)

    Primary data.

    (b)

    Secondary data

    (c)

    Published data.

    (d)

    Grouped data

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