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Published on: 06/11/2020
12th Standard Economics Introduction to Macro Economics English Medium Free Online Test One Mark Questions 2020 - 2021
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.
Questions + Answers key
Take MCQ Economics Test
1.
Match the correct codes
| 1 | Govt. Internal Regulation only | i | Capitalism |
| 2. | Complete Involvement of Gov.t | ii | Socialism |
| 3. | Limited Role of Government | iii | Mixed Economy |
| 4 | Government Enterprise Naure | iv | Capitalist Economy |
(1) – (i) (2) – (ii) (3) – (iv) (4) – (iii)
(1) – (ii) (2) – (iii) (3) – (iv) (4) – (i)
(1) – (iv) (2) – (iii) (3) – (i) (4) – (ii)
(1) – (i) (2) – (ii) (3) – (iii) (4) – (iv)
2.
For an economy consisting of households and businesses only, which of the following is consistent with the circular flow of income and production?
Households are producers of goods and services and consumers of resources
Households are users of resources, and businesses are sources of saving
Households are suppliers of resources and consumers of goods and services
Businesses are users of taxes, and households are sources of taxes.
3.
Which of the following could not be considered a major economic system?
capitalism
communism
socialism
secularism
4.
Which of the following statements regarding the circular-flow diagram is true?
If Vijay works for XYZ Solutions Ltd. and receives a salary payment, the transaction takes place in the market for goods and services.
If Vijay works for XYZ Solutions Ltd. and receives a salary payment, the transaction takes place in the market for goods and services.
None of these answers
The factors of production are owned by households.
5.
The interaction of individuals and firms in a market can be described as a _______ of money, goods and services and resources through product and factor markets.
Constant flow
Stable flow
Circular Flow
Circular Flow
6.
Assertion: National plans are drawn up by the Government and both private and public sectors abide.
Reason: The central planning authority prepares the economic plans.
Both A and R are true and R is the correct explanation of A
Both A and R are true but R is not the correct explanation of A.
A is true but R is false
A is false but R is true.
7.
Assertion: Each individual and organization produce only those goods which ensure high profit.
Reason: Profit is the driving force behind all economic activities in a capitalistic economy
Both A and R are true and R is the correct explanation of A.
Both A and R are true but R is not the correct explanation of A
A is true but R is false
A is false but R is true
8.
Assertion: Economic System refers to the manner in which individuals and institutions are connected together to carry out economic activities in a particular area.
Reason: It is the methodology of doing economic activities to meet the needs of the society.
Both A and R are true and R is the correct explanation of A.
Both A and R are true but R is not the correct explanation of A.
A is true but R is false.
A is false but R is true.
9.
Given the chart, find the missing activity of an economy.
Foreign Activity
Excess Activity
Exchange Activity
Government Activity
10.
Identify which of following is not a feature of mixed economy?
Coexistence of Public and Private Sectors
Solution to Economic Problems
Equality of Income
Freedom and Control
11.
Assertion: Planning is an integral part of a Capitalist economy.
Reason: In socialist system, all decisions are undertaken by the central planning authority
Both (A) and (R) are true and (R) is the correct explanation of (A).
Both (A) and (R) are true, but (R) is not the correct explanation of (A)
(A) is true, but (R) is false
(A) is false, but (R) is true
12.
Which of the following system leads to leads to frequent violent economic fluctuations and crises?
Free market system
Restricted market system
Black market system
New market system
13.
Capitalism leads to ___________.
Central planning
Class struggle
Welfare
All the above
14.
Socialist Economy promote __________.
Social welfare motive
Collective welfare motive
Profit motive
Both 'a' and 'b'
15.
Macro means ________.
Large
Aggregate
Economy as a whole
All the above
16.
Who is referred as ‘Father of Capitalism’?
Adam Smith
Karl Marx
Thackeray
J M Keynes
17.
Identify the economic system where only private ownership of production exists
Capitalistic Economy
Socialistic Economy
Globalisic Economy
Mixed Economy
18.
Indicate the fundamental economic activities of an economy
Production and Distribution
Production and Exchange
Production and Consumption
Production and Marketing
19.
A steady increase in general price level is termed as_____________.
wholesale price index
Business Cycle
Inflation
National Income
20.
The branches of the subject Economics are
Wealth and Welfare
Production and Consumption
Demand and Supply
Micro and Macro
1.
(a)
(1) – (i) (2) – (ii) (3) – (iv) (4) – (iii)
2.
(c)
Households are suppliers of resources and consumers of goods and services
3.
(d)
secularism
4.
(d)
The factors of production are owned by households.
5.
(c)
Circular Flow
6.
(c)
A is true but R is false
7.
(a)
Both A and R are true and R is the correct explanation of A.
8.
(a)
Both A and R are true and R is the correct explanation of A.
9.
(c)
Exchange Activity
10.
(c)
Equality of Income
11.
(d)
(A) is false, but (R) is true
12.
(a)
Free market system
13.
(b)
Class struggle
14.
(d)
Both 'a' and 'b'
15.
(d)
All the above
16.
(a)
Adam Smith
17.
(a)
Capitalistic Economy
18.
(c)
Production and Consumption
19.
(c)
Inflation
20.
(d)
Micro and Macro
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Tamilnadu Stateboard 12th Standard Subjects
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Chemistry
Physics
Biology
Computer Science
Business Maths and Statistics
Economics
Commerce
Accountancy
History
Computer Applications
Biology
Computer Technology
Computer Applications
Computer Science
Business Maths and Statistics
Commerce
Economics
Maths
Chemistry
Physics
Computer Technology
History
Accountancy
Tamil
English
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