12th Standard Economics English Medium - Important 1 Mark MCQ's Question Paper and Answer Key 2022 - 2023 | QB365

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12th Standard Economics English Medium - Important 1 Mark MCQ's Question Paper and Answer Key 2022 - 2023

Published on: 31/12/2022

QB365 provides a detailed and simple solution for every Possible Questions in Class 12 Economics Subject - Important 1 Mark MCQ's, English Medium. It will help Students to get more practice questions, Students can Practice these question papers in addition to score best marks.

Download Tamil Nadu 12th Standard Economics question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

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Std: 12th Standard - Economics

chapter: - Model Question paper

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Questions:

Multiple Choice Question

50 x 1 = 50

WTO is planned to organize 12th ministerial conference at _________ in 2020.

(a)

Russia

(b)

China

(c)

Kazakhstan

(d)

South Africa

Gold Standard is a system in which the value of the monetary unit or the standard currency is _____ linked with gold.

(a)

directly

(b)

indirectly

(c)

positively

(d)

negatively

There are two major types of statistics named as _________ and __________ based on nature.

(a)

new statistics and old statistics

(b)

descriptive statistics and inferential statistics

(c)

numerical statistics and inferential statistics

(d)

none of the above

Find the missing agent of economy.

(a)

Producer’s Recycle

(b)

Distributor

(c)

Consumers

(d)

None of the above

Public revenue can be classified into ____________

(a)

Two

(b)

Three

(c)

Four

(d)

Five

Viner has devised another concept called ________.

(a)

The single factoral terms of trade

(b)

Net Barter terms of trade

(c)

Gross Barter terms of trade

(d)

Internal trade

The Great Depression of 1930s was also caused by a _______________

(a)

Fall in investment

(b)

Income and consumption

(c)

Income and employment

(d)

Interest and money

The total money value of final goods and services produced in the country excluding depreciation is called _________.

(a)

NDP

(b)

GDP

(c)

NNP

(d)

GNP

"Strictly speaking all economic life involves planning" was said by

(a)

Alfred Marshall

(b)

Lionel Robbins

(c)

J.M. Keynes

(d)

Schumpeter

10.

_________ is only a medium of exchange.

(a)

Money

(b)

Goods

(c)

Labour

(d)

Service

11.

__________refers to persuasion

(a)

Growth rate

(b)

Minimization

(c)

Optimization

(d)

Moral Suasion

12.

Planned economy is also known as _________.

(a)

Capitalist Economy

(b)

Socialist Economy

(c)

Mixed Economy

(d)

All the above

13.

Econometrics is the amalgamation of

(a)

3 subjects

(b)

4 subjects

(c)

2 subjects

(d)

5 subjects

14.

Econometric is the word coined by

(a)

Francis Galton

(b)

Ragnar Frish

(c)

Karl Person

(d)

Spearsman

15.

The value of the coefficient of correlation r lies between

(a)

0 and 1

(b)

-1 and 0

(c)

-1 and +1

(d)

-0.5 and +0.5

16.

The word 'statistics' is used as _______

(a)

Singular.

(b)

Plural

(c)

Singular and Plural.

(d)

None of above

17.

Sarvodaya Plan was advocated by__________

(a)

Mahatma Gandhi

(b)

J.P.Narayan

(c)

S.N Agarwal

(d)

M.N. Roy

18.

Which of the following country adopts indicative planning?

(a)

France

(b)

Germany

(c)

Italy

(d)

Russia

19.

Economic growth measures the_______

(a)

Growth of productivity

(b)

Increase in nominal income

(c)

Increase in output

(d)

None of the above

20.

Which among the following is a characteristic of underdevelopment?

(a)

Vicious circle of poverty

(b)

Rising mass consumption

(c)

Growth of Industries

(d)

High rate of urbanization

21.

Alkali soils are predominantly located in the _______ plains?

(a)

Indus-Ganga

(b)

North-Indian

(c)

Gangetic plains

(d)

All the above

22.

Primary cause of Soil pollution is ________

(a)

Pest control measures

(b)

Land reclamation

(c)

Agricultural runoff

(d)

Chemical fertilizer

23.

Which one of the following causes of global warming?

(a)

Earth gravftation force

(b)

Oxygen

(c)

Centripetal force

(d)

Increasing temperature

24.

Consider the following statements and identify the right ones.
(i) The finance commission is appointed by the President
(ii) The tenure of Finance commission is five years

(a)

i only

(b)

ii only

(c)

both

(d)

none

25.

Which of the following is a direct tax?

(a)

Excise duty

(b)

Income tax

(c)

Customs duty

(d)

Service tax

26.

The tax possesses the following characteristics

(a)

Compulsory

(b)

No quid pro quo

(c)

Failure to pay is offence

(d)

All the above

27.

The term BRIC was coined in

(a)

2001

(b)

2005

(c)

2008

(d)

2010

28.

International Development Association is an affiliate of

(a)

IMF

(b)

World Bank

(c)

SAARC

(d)

ASEAN

29.

The other name for Special Drawing Rights is

(a)

Paper gold

(b)

Quotas

(c)

Voluntary Export Restrictions

(d)

None of these

30.

International Monetary Fund is having its headquarters at

(a)

Washington D.C.

(b)

New York

(c)

Vienna

(d)

Geneva

31.

Benefits of FDI include, theoretically

(a)

Boost in Economic Growth

(b)

Increase in the import and export of goods and services

(c)

Increased employment and skill levels

(d)

All of these

32.

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

33.

In general, a primary reason why nations conduct international trade is because

(a)

Some nations prefer to produce one thing while others produce another

(b)

Resources are not equally distributed among all trading nations

(c)

Trade enhances opportunities to accumulate profits

(d)

Interest rates are not identical in all trading nations

34.

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

35.

ARDC started functioning from

(a)

June 3, 1963

(b)

July 3, 1963

(c)

June 1, 1963

(d)

July 1, 1963

36.

Bank Rate means.

(a)

Re-discounting the first class securities

(b)

Interest rate

(c)

Exchange rate

(d)

Growth rate

37.

Bank credit refers to

(a)

Bank Loans

(b)

Advances

(c)

Bank loans and advances

(d)

Borrowings

38.

___________inflation occurs when general prices of commodities increases due to increase in production costs such as wages and raw materials.

(a)

Cost-push

(b)

demand pull

(c)

running

(d)

galloping

39.

Paper currency system is managed by the______.

(a)

Central Monetary authority

(b)

State Government

(c)

Central Government

(d)

Banks

40.

When investment is assumed autonomous the slope of the AD schedule is determined by the______.

(a)

marginal propensity to invest

(b)

disposable income

(c)

marginal propensity to consume

(d)

average propensity to consume

41.

As increase in consumption at any given level of income is likely to lead

(a)

Higher aggregate demand

(b)

An increase in exports

(c)

A fall in taxation revenue

(d)

A decrease in import spending

42.

Say’s law stressed the operation of________ in the economy

(a)

Induced price mechanism

(b)

Automatic price mechanism

(c)

Induced demand

(d)

Induced investment

43.

_________ Flexibility brings equality between saving and investment

(a)

Demand

(b)

Supply

(c)

Capital

(d)

Rate of Interest

44.

In disguised unemployment, the marginal productivity of labour is _________

(a)

Zero

(b)

One

(c)

Two

(d)

Positive

45.

The largest proportion of national income comes from___________

(a)

Private sector

(b)

Local sector

(c)

Public sector

(d)

None of the above

46.

National income is a measure of the__________ performance of an economy

(a)

Industrial

(b)

Agricultural

(c)

Economic

(d)

Consumption

47.

Primary sector is ________

(a)

Industry

(b)

Trade

(c)

Agriculture

(d)

Construction.

48.

Identify The Father of Socialism

(a)

J M Keynes

(b)

Karl Marx

(c)

Adam Smith

(d)

Samuelson

49.

Identify the necessity of Economic policies

(a)

to solve the basic problems

(b)

to overcome the obstacles

(c)

to achieve growth

(d)

all the above

50.

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

50 x 1 = 50

(a)
directly

(b)
descriptive statistics and inferential statistics

(a)
The single factoral terms of trade

(a)
Fall in investment

(a)
NDP

(b)
Lionel Robbins

10.

(a)
Money

11.

(d)
Moral Suasion

12.

(b)
Socialist Economy

13.

(a)
3 subjects

14.

(b)
Ragnar Frish

15.

16.

17.

(b)
J.P.Narayan

18.

(b)
Germany

19.

20.

(a)
Vicious circle of poverty

21.

(d)
All the above

22.

(d)
Chemical fertilizer

23.

(d)
Increasing temperature

24.

25.

(b)
Income tax

26.

(d)
All the above

27.

(a)
2001

28.

(b)
World Bank

29.

(a)
Paper gold

30.

(a)
Washington D.C.

31.

(d)
All of these

32.

(a)
Jacob Viner

33.

(b)
Resources are not equally distributed among all trading nations

34.

(a)
Rs.500 and Rs.1000

35.

(d)
July 1, 1963

36.

(a)
Re-discounting the first class securities

37.

38.

(a)
Cost-push

39.

(a)
Central Monetary authority

40.

41.

(a)
Higher aggregate demand

42.

(b)
Automatic price mechanism

43.

(d)
Rate of Interest

44.

(a)
Zero

45.

(a)
Private sector

46.

47.

48.

(b)
Karl Marx

49.

(d)
all the above

50.

(b)
Income Theory

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