12th standard Economics English Medium All Chapter Book Back and Creative One Mark Questions 2020

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Questions:

Multiple Choice Question

48 x 1 = 48

A Finance Commission is set up once in every …………..?

(a)

6 years

(b)

1 year

(c)

5 years

(d)

3 years

Find the meaning of following statement. “Import duties levied on goods from outside the country, ultimately paid for by consumers and retailers”

(a)

Sales Tax

(b)

Custom Duty

(c)

Gift Tax

(d)

GST

The specific objectives of monetary policy are

(a)

Neutrality of money

(b)

Tax control

(c)

Stability of exchange rates

(d)

Price stability

Under which Act, every bank has to obtain a banking license from RBI to conduct banking business in India.

(a)

Sec 32 of Banking Regulation Act

(b)

Baking Act of Parliament

(c)

Sec 22 of Banking Regulation Act

(d)

None of the above

Which of the following is correct representation in terms of trade agreement?

(a)

EU < CM > CU > FTA

(b)

EU > CM > CU > FTA

(c)

EU > CM< CU > FTA

(d)

EU< CM < CU < FTA

In the classical model:

(a)

flexible markets will keep the economy at a full-employment level of spending and output

(b)

both households ’saving activity and firms’ investment activity are quite sensitive to changes in the interest rate.

(c)

adjustments in the interest rates quickly correct any imbalances between saving and investment

(d)

all of the above

After raising two children, Ancy hasstarted looking for a job and sent out a few job applications. What type of unemployment is she experiencing?

(a)

frictional unemployment

(b)

structural unemployment

(c)

cyclical unemployment

(d)

natural unemployment

In Fisher’s equation of exchange MV=PT, the variation of which produces a proportional change in price:

(a)

(b)

(c)

(d)

Match list-I with List-II correctly and select your answer from the codes given below:

List I		List II
a)	Gandhian Plan	1)	ArdesirDalal
b)	People’s plan	2)	Mannarayana
c)	Bombay Plan	3)	M. N. Roy
d)	Sarvodaya Plan	4)	Jay Prakash Narayan

(a)

1 2 3 4

(b)

2 3 1 4

(c)

2 3 4 1

(d)

1 2 4 3

10.

Find which is not a an example of Fixed income Groups?

(a)

wages

(b)

salary

(c)

pension

(d)

organization

11.

Match the correct codes

1	Statistics Regression	1	Y = β0 + β1X1 + β2X2 + β3X3+Ui
2	Econometrics Regression	2	β0 + β1Xi
3	More than 2 variables	3	Yi = β0 + β1Xi
4	Systematic Part	4	Yi = β0 + β1Xi

(a)

(1) – (i) (2) – (ii) (3) – (iv) (4) – (iii)

(b)

(1) – (ii) (2) – (iii) (3) – (iv) (4) – (i)

(c)

(1) – (iv) (2) – (iii) (3) – (i) (4) – (ii)

(d)

(1) – (i) (2) – (ii) (3) – (iii) (4) – (iv)

12.

If the correlation coefficient is a positive value, then the slope of the regression line

(a)

must also be positive

(b)

can be either negative or positive

(c)

can be zero

(d)

can not be zero

13.

GNP_MP is equal to

(a)

GDP_MP + NFIA

(b)

GDP_MP - NFIA

(c)

GDP_MP – D

(d)

None

14.

Real and nominal income is calculated respectively at_________

(a)

Current price and Constant Price

(b)

Constant price and Current price

(c)

Current price and Current price

(d)

Constant price and Constant price

15.

1	EcoSystem	i.	The presence of harmful or objectionable material to damage water quality.
2	Pollution	ii.	The increase in temperature of the Earth’s surface, due to greenhouse gases.
3	Water Pollution	iii.	Residual discharges of contaminants into the natural environment to the air or water
4	Global warming	iv.	The interacting system of a biological community and its nonliving environmental surroundings.

(a)

(1) – (i) (2) – (ii) (3) – (iv) (4) – (iii)

(b)

(1) – (ii) (2) – (iii) (3) – (iv) (4) – (i)

(c)

(1) – (iv) (2) – (iii) (3) – (i) (4) – (ii)

(d)

(1) – (i) (2) – (ii) (3) – (iii) (4) – (iv)

16.

The opportunity cost of one DVD in India is

Country	Tons of steel	DVDs
China	80	40
India	20	20

(a)

One ton of steel

(b)

Two tons of steel

(c)

Three tons of steel

(d)

Four tons of steel

17.

1- C/Y is defined as:

(a)

Average propensity to consume

(b)

Marginal propensity co consume

(c)

Average propensity to save

(d)

Marginal propensity to save

18.

Increasing temperature in the atmosphere leads to __________ and thereby _____________and melting of polar icebergs, displacement, and loss of habitat

(a)

global warming and to increase sea level rise

(b)

Acid Rain and to increase sea level rise

(c)

global warming and to decrease sea level rise

(d)

None of the above

19.

When MPS = 0.2, MPC will be

(a)

0.8

(b)

0.2

(c)

1.2

(d)

20.

Match the correct codes

1.	Wages, dividends, interest, profits and rent	-	i	Towards Government
2.	Purchases of goods and Service	-	ii	Towards `households'
3.	Taxes	-	iii	Towards firm
4.	Social Transfer	-	iv	Towards house hold

(a)

(1) – (i) (2) – (ii) (3) – (iv) (4) – (iii)

(b)

(1) – (ii) (2) – (iii) (3) – (iv) (4) – (i)

(c)

(1) – (iv) (2) – (iii) (3) – (i) (4) – (ii)

(d)

(1) – (i) (2) – (ii) (3) – (iii) (4) – (iv)

21.

Assertion: A country can gain from trade when it produces at relatively lower costs.
Reason: When a country enjoys an 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

22.

_______ meets once in 2 years.

(a)

ASEAN

(b)

SAARC

(c)

IMF

(d)

WTO

23.

________ is the period of sixth five year plan during Janata party in centre.

(a)

1975-80

(b)

1980-85

(c)

1985-90

(d)

1978-83

24.

The right to property exists largely in _______.

(a)

Traditional society

(b)

Capitalism

(c)

Socialism

(d)

Mixed economy

25.

If the points on the scatter diagram indicate that as one variable increases the other variable tends to decrease the value of r will be:

(a)

Perfect positive

(b)

Perfect negative

(c)

Negative

(d)

Zero

26.

If both variables X and Y increase or decrease simultaneously, then the coefficient of correlation will be:

(a)

Positive

(b)

Negative

(c)

Zero

(d)

One

27.

Who wrote the book 'The Road to Serfdom'?

(a)

Friedrich Hayek

(b)

H.R. Hicks

(c)

David Ricardo

(d)

Thomas Robert Malthus

28.

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)

29.

Global warming also refers to as

(a)

Ecological change

(b)

Climate Change

(c)

Atmosphere change

(d)

None of the above

30.

Ecosystem is smallest unit of

(a)

Ionosphere

(b)

Lithosphere

(c)

Biosphere

(d)

Mesosphere

31.

The difference between revenue expenditure and revenue receipts is

(a)

Revenue deficit

(b)

Fiscal deficit

(c)

Budget deficit

(d)

Primary deficit

32.

One of the following is NOT a feature of private finance

(a)

Balancing of income and expenditure

(b)

Secrecy

(c)

Saving some part of income

(d)

Publicity

33.

SAARC Agricultural Information Centre (SAle) works as a central information institution for agriculture related resources was founded on

(a)

1985

(b)

1988

(c)

1992

(d)

1998

34.

The first ministerial meeting of WTO was held at

(a)

Singapore

(b)

Geneva

(c)

Seattle

(d)

Doha

35.

Favourable trade means value of exports are ________ Than that of imports.

(a)

(b)

Less

(c)

More or Less

(d)

Not more than

36.

Terms of Trade of a country show __________.

(a)

Ratio of goods exported and imported

(b)

Ratio of import duties

(c)

Ratio of prices of exports and imports

(d)

Both (a) and (c)

37.

2016 Demonetization of currency includes denominations of

(a)

Rs.500 and Rs.1000

(b)

Rs.1000 and Rs.2000

(c)

Rs.200 and Rs.500

(d)

All the above

38.

Lender of the last resort is one of the functions of.

(a)

Central Bank

(b)

Commercial banks

(c)

Land Development Banks

(d)

Co-operative banks

39.

Paper currency system is managed by the______.

(a)

Central Monetary authority

(b)

State Government

(c)

Central Government

(d)

Banks

40.

Money is _____.

(a)

acceptable only when it has intrinsic value

(b)

constant in purchasing power

(c)

the most liquid of all assets

(d)

needed for allocation of resources

41.

Lower interest rates are likely to :

(a)

Decrease in consumption

(b)

increase cost of borrowing

(c)

Encourage saving

(d)

increase borrowing and spending

42.

The average propensity to consume is measured by _____.

(a)

C/Y

(b)

CxY

(c)

Y/C

(d)

C+Y

43.

The component of aggregate demand is__________

(a)

Personal demand

(b)

Government expenditure

(c)

Only export

(d)

Only import

44.

In disguised unemployment, the marginal productivity of labour is _________

(a)

Zero

(b)

One

(c)

Two

(d)

Positive

45.

The value of NNP at production point is called _________.

(a)

NNP at factor cost

(b)

NNP at market cost

(c)

GNP at factor cost

(d)

Per capita income

46.

Expenditure method is used to estimate national income in_______

(a)

Construction sector

(b)

Agricultural Sector

(c)

Service sector

(d)

Banking sector

47.

The Circular Flow Model that represents an open Economy

(a)

Two Sector Model

(b)

Three Sector Model

(c)

Four Sector Model

(d)

All the above

48.

Identify the other name for Macro Economics.

(a)

Price Theory

(b)

Income Theory

(c)

Market Theory

(d)

Micro Theory

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Answers Key:

Multiple Choice Question

48 x 1 = 48

(b)
Custom Duty

(b)
Tax control

(b)
EU > CM > CU > FTA

(d)
all of the above

(a)
frictional unemployment

(a)
M

(b)
2 3 1 4

10.

(d)
organization

11.

12.

(a)
must also be positive

13.

(a)
GDP_MP + NFIA

14.

(a)
Current price and Constant Price

15.

16.

(a)
One ton of steel

17.

18.

(a)
global warming and to increase sea level rise

19.

(a)
0.8

20.

21.

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

22.

(b)
SAARC

23.

(d)
1978-83

24.

(b)
Capitalism

25.

26.

(a)
Positive

27.

(a)
Friedrich Hayek

28.

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

29.

(d)
None of the above

30.

31.

(a)
Revenue deficit

32.

(d)
Publicity

33.

(b)
1988

34.

(a)
Singapore

35.

(a)
More

36.

37.

(a)
Rs.500 and Rs.1000

38.

(a)
Central Bank

39.

(a)
Central Monetary authority

40.

41.

(d)
increase borrowing and spending

42.

(a)
C/Y

43.

(b)
Government expenditure

44.

(a)
Zero

45.

(a)
NNP at factor cost

46.

(a)
Construction sector

47.

48.

(b)
Income Theory

12th standard Economics English Medium All Chapter Book Back and Creative One Mark Questions 2020

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