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XI STD Economics Quiz

Total questions: 120

Worksheet time: 3600secs

Name
Class
Date
1.

‘Economics is a study of mankind in the ordinary business of life’ -It is the statement of

a)

Adam Smith

b)

Lionel Robbins

c)

Alfred Marshall

d)

Samuelson

2.

The basic problem studied in Economics is

a)

Unlimited wants

b)

Unlimited means

c)

Scarcity

d)

Strategy to meet all our wants

3.

Microeconomics is concerned with

a)

The economy as a whole

b)

Different sectors of an economy

c)

The study of individual economic units behaviour

d)

The interactions within the entire economy

4.

Which of the following is a microeconomics statement?

a)

The real domestic output increased by 2.5 percent last year.

b)

Unemployment was 9.8 percent of the labour force last year.

c)

The price of wheat determines its demand

d)

The general price level increased by 4 percent last year.

5.

Find the odd one out:

a)

“An inquiry into the nature and the causes of the Wealth of Nations”

b)

“Principles of Economics”

c)

“Nature and Significance of Economic Science”

d)

“Ceteris paribus”

6.

The equilibrium price is the price at which

a)

Everything is sold

b)

Buyers spend their money

c)

Quantity demanded equals quantity supplied

d)

Excess demand is zero

7.

Author of “An Inquiry into the Nature and Causes of Wealth of Nations”

a)

Alfred Marshall

b)

Adam Smith

c)

Lionel Robbins

d)

Paul A Samuelson

8.

“Economics studies human behaviour as a relationship between ends and scarce means which have alternative uses” is the definition of economics of

a)

Lionel Robbins

b)

Adam Smith

c)

Alfred Marshall

d)

Paul A Samuelson

9.

Who is the Father of Economics?

a)

Max Muller

b)

Adam Smith

c)

Karl Marx

d)

Paul A Samuelson

10.

“Economics is a science” The basis of this statement is—

a)

Relation between cause and effect

b)

Use of deductive method and inductive method for the formations of laws

c)

Experiments

d)

All of the above

11.

Utility means

a)

Equilibrium point at which demand and supply are equal

b)

Want-satisfying capacity of goods and services

c)

Total value of commodity

d)

Desire for goods and services

12.

A market is

a)

Only a place to buy things

b)

Only a place to sell things

c)

Only a place where prices adjust

d)

A system where persons buy and sell goods directly or indirectly

13.

Which one of the following is not a point in the Welfare Definition of Economics?

a)

Study of an ordinary man

b)

Economics does not focus on wealth alone

c)

Economics is the study of material welfare

d)

Economics deals with unlimited wants and limited means

14.

Growth definition takes into account

a)

The problem of choice in the dynamic framework of Economics

b)

The problem of unlimited means in relation to wants

c)

The production and distribution of wealth

d)

The material welfare of human beings

15.

Which theory is generally included under micro economics?

a)

Price Theory

b)

Income Theory

c)

Employment Theory

d)

Trade Theory

16.

....................... have exchange value and their ownership rights can be established and exchanged

a)

Goods

b)

Services

c)

Markets

d)

Revenue

17.

Identify the correct characteristics of utility

a)

It is equivalent to ‘usefulness’

b)

It has moral significance

c)

It is same as pleasure

d)

It depends upon consumer’s mental attitude

18.

Who has given scarcity definition of economics?

a)

Adam Smith

b)

Marshall

c)

Robbins

d)

Robertson

19.

The process of reasoning from particular to general is

a)

Deductive method

b)

Inductive method

c)

Positive economics

d)

Normative economics

20.

Total revenue is equal to total output sold multiplied by

a)

Price

b)

Total cost

c)

Marginal revenue

d)

Marginal cost

21.

Pick the odd one out

a)

Luxuries

b)

Comforts

c)

Necessaries

d)

Agricultural goods

22.

Choice is always constrained or limited by the

a)

Scarcity

b)

Supply

c)

Demand

d)

Abundance

23.

The chief exponent of the Cardinal utility approach was

a)

J.R.Hicks

b)

R.G.D.Allen

c)

Marshall

d)

Stigler

24.

Marginal Utility is measured by using the formula of

a)

TUn-TUn-1

b)

TUn-TUn+1

c)

TUn+TUn+1

d)

TUn-TUn+1

25.

When marginal utility reaches zero, the total utility will be

a)

Minimum

b)

Maximum

c)

Zero

d)

Negative

26.

Gossen’s first law is known as.

a)

Law of equi-marginal utility.

b)

Law of diminishing marginal utility

c)

Law of demand.

d)

Law of Diminishing returns.

27.

The basis for the law of demand is related to

a)

Law of diminishing marginal utility

b)

Law of supply

c)

Law of equi-marginal utility.

d)

Gossen’s Law.

28.

The concept of consumer’s surplus is associated with

a)

Adam Smith

b)

Marshall

c)

Robbins

d)

Ricardo

29.

Given potential price is Rs.250 and the actual price is Rs.200. Find the consumer surplus.

a)

375

b)

175

c)

200

d)

50

30.

Indifference curve approach is based on

a)

Ordinal approach

b)

Cardinal approach

c)

Subjective approach

d)

Psychological approach

31.

The concept of elasticity of demand was introduced by

a)

Ferguson

b)

Keynes

c)

Adam Smith

d)

Marshall

32.

Increase in demand is caused by

a)

Increase in tax

b)

Higher subsidy

c)

Increase in interest rate

d)

decline in population

33.

The movement on or along the given demand curve is known as

a)

Extension and contraction of demand.

b)

shifts in the demand.

c)

increase and decrease in demand.

d)

all the above

34.

In case of relatively more elastic demand the shape of the curve is

a)

Horizontal

b)

Vertical

c)

Steeper

d)

Flatter

35.

A consumer is in equilibrium when marginal utilities from two goods are

a)

Minimum

b)

Inverse

c)

Equal

d)

Increasing

36.

Indifference curve was first introduced by

a)

Hicks

b)

Allen

c)

Keynes

d)

Edgeworth

37.

Elasticity of demand is equal to one indicates

a)

Unitary Elastic Demand

b)

Perfectly Elastic Demand

c)

Perfectly Inelastic Demand

d)

Relatively Elastic Demand

38.

The locus of the points which gives same level of satisfaction is associated with

a)

Indifference Curves

b)

Cardinal Analysis

c)

Law of Demand

d)

Law of Supply

39.

Ordinal Utility can be measured by

a)

Ranking

b)

Numbering

c)

Wording

d)

None of these

40.

The indifference curve are

a)

vertical

b)

horizontal

c)

positive sloped

d)

Negatively sloped

41.

The primary factors of production are:

a)

Labour and Organisation

b)

Labour and Capital

c)

Land and Capital

d)

Land and Labour.

42.

The man-made physical goods used to produce other goods and services are referred to as.

a)

Land

b)

Labour

c)

Capital

d)

Organization.

43.

Formula for calculating AP is

a)

ΔTP/N

b)

ΔTP/ΔN

c)

TP/MP

d)

TP/N

44.

Which factor is called the changing agent of the Society

a)

Labourer

b)

Land

c)

Organizer

d)

Capital

45.

Who said, that one of the key of an entrepreneur is 'uncertainty-bearing'.

a)

J.B.Clark

b)

Schumpeter

c)

Knight

d)

Adam Smith

46.

The functional relationship between 'inputs' and 'outputs' is called as

a)

Consumption Function

b)

Production Function

c)

Savings Function

d)

Investment Function

47.

In a firm 5 units of factors produce 24 units of the product. When the number of factor increases by one, the production increases to 30 units. Calculate the Average Product.

a)

30

b)

6

c)

5

d)

24

48.

The short-run production is studied through

a)

The Laws of Returns to Scale

b)

The Law of Variable Proportions

c)

Iso-quants

d)

Law of Demand

49.

The long-run production function is explained by

a)

Law of Demand

b)

Law of Supply

c)

Returns to Scale

d)

Law of Variable Proportions

50.

An Iso-quant curve is also known as

a)

Inelastic Supply Curve

b)

Inelastic Demand Curve

c)

Equi-marginal Utility

d)

Equal Product Curve

51.

Mention the economies reaped from inside the firm

a)

financial

b)

technical

c)

managerial

d)

all of the above

52.

Cobb-Douglas production function assumes

a)

Increasing returns to scale

b)

Diminishing returns to scale

c)

Constant returns to scale

d)

All of the above

53.

Name the returns to scale when the output increases by more than 5%, for a 5% increase in the inputs,

a)

Increasing returns to scale

b)

decreasing returns to scale

c)

Constant returns to scale

d)

All of the above

54.

Which of the following is not a characteristic of land?

a)

Its limited supply.

b)

It is mobile

c)

Heterogeneous

d)

Gift of Nature

55.

Product obtained from additional factors of production is termed as

a)

Marginal product

b)

Total product

c)

Average product

d)

Annual product

56.

Modern economists have propounded the law of

a)

Increasing returns

b)

decreasing returns

c)

Constant returns

d)

variable proportions.

57.

Producer’s equilibrium is achieved at the point where:

a)

Marginal rate of technical substitution (MRTS) is greater than the price ratio

b)

MRTS is lesser than the price ratio

c)

MRTS and price ratio are equal to each other

d)

The slopes of isoquant and isocost lines are different.

58.

The relationship between the price of a commodity and the supply of commodity is

a)

Negative

b)

Positive

c)

Zero

d)

Increase

59.

If average product is decreasing, then marginal product

a)

must be greater than average product

b)

must be less than average product

c)

must be increasing

d)

both a and c

60.

A production function measures the relation between

a)

input prices and output prices

b)

input prices and the quantity of output

c)

the quantity of inputs and the quantity of output.

d)

the quantity of inputs and input prices.

61.

Cost refers to

a)

price

b)

value

c)

fixed cost

d)

cost of production

62.

Cost functions are also known as function.

a)

production

b)

investment

c)

demand

d)

consumption

63.

Money cost is also known as cost.

a)

explicit

b)

implicit

c)

social

d)

real

64.

Explicit cost plus implicit cost denote cost.

a)

social

b)

economic

c)

money

d)

fixed

65.

Explicit costs are termed as

a)

out of pocket expenses

b)

real cost

c)

social cost

d)

sunk cost

66.

The costs of self–owned resources are termed as cost.

a)

real

b)

explicit

c)

money

d)

implicit

67.

The cost that remains constant at all levels of output is cost.

a)

fixed

b)

variable

c)

real

d)

social

68.

Identify the formula of estimating average variable cost.

a)

TC/Q

b)

TVC/Q

c)

TFC/Q

d)

TAC/Q

69.

The cost incurred by producing one more unit of output is cost.

a)

variable

b)

fixed

c)

marginal

d)

total

70.

The cost that varies with the level of output is termed as cost.

a)

money

b)

variable cost

c)

total cost

d)

fixed cost

71.

Wage is an example for cost of the production.

a)

fixed

b)

variable

c)

marginal

d)

opportunity

72.

The cost per unit of output is denoted

by _________ cost.

a)

average

b)

marginal

c)

variable

d)

total

73.

Identify the formula of estimating

average cost.

a)

AVC/Q

b)

TC/Q

c)

TVC/Q

d)

AFC/Q

74.

Find total cost where TFC=I00 and

TVC = 125.

a)

125

b)

175

c)

225

d)

325

75.

Long-run average cost curve is also

called as __________ curve.

a)

demand

b)

planning

c)

production

d)

sales

76.

Revenue received from the sale of products is known as ___________ revenue

a)

profit

b)

total revenue

c)

average

d)

marginal

77.

Revenue received from the sale of additional unit is termed as ____________

a)

profit

b)

average

c)

marginal

d)

total

78.

Marginal revenue is the addition made to the

a)

total sales

b)

total revenue

c)

total production

d)

total cost

79.

When price remains constant, AR will be _____________ MR

a)

equal to

b)

greater than

c)

less than

d)

not related to

80.

A book seller sold 40 books with the

price of ₹10 each. The total revenue of

the seller is ₹___________.

a)

100

b)

200

c)

300

d)

400

81.

In which of the following is not a type of market structure Price will be very high?

a)

Perfect competition

b)

Monopoly

c)

Duopoly

d)

Oligopoly

82.

Equilibrium condition of a firm is......

a)

MC = MR

b)

MC > MR

c)

MC < MR

d)

MR = Price

83.

Which of the following is a feature of monopolistic competition?

a)

One seller

b)

Few sellers

c)

Product differentiation

d)

No entry

84.

A firm under monopoly can earn ............. in the short run.

a)

Normal profit

b)

Loss

c)

Super normal profit

d)

More loss

85.

There is no excess capacity under .....................

a)

Monopoly

b)

Monopolistic competition

c)

Oligopoly

d)

Perfect competition

86.

Profit of a firm is obtained when ..................

a)

TR < TC

b)

TR - MC

c)

TR > TC

d)

TR = TC

87.

Another name of price is..................

a)

Average Revenue

b)

Marginal Revenue

c)

Total Revenue

d)

Average Cost

88.

In which type of market, AR and MR are equal .....

a)

Duopoly

b)

Perfect competition

c)

Monopolistic competition

d)

Oligopoly

89.

In monopoly, MR curve lies below .............

a)

TR

b)

MC

c)

AR

d)

AC

90.

Perfect competition assumes ............

a)

Luxury goods

b)

Producer goods

c)

Differentiated goods

d)

Homogeneous goods

91.

Group equilibrium is analysed in .......

a)

Monopolistic competition

b)

Monopoly

c)

Duopoly

d)

Pure competition

92.

In monopolistic competition, the essential feature is .....

a)

Same product

b)

selling cost

c)

Single seller

d)

Single buyer

93.

Monopolistic competition is a form of ........

a)

Oligopoly

b)

Duopoly

c)

Imperfect competition

d)

Monopoly

94.

Price leadership is the attribute of ............

a)

Perfect competition

b)

Monopoly

c)

Oligopoly

d)

Monopolistic competition

95.

Price discrimination will always lead to.............

a)

Increase in output

b)

Increase in profit

c)

Different prices

d)

b and c

96.

The average revenue curve under monopolistic competition will be......

a)

Perfectly inelastic

b)

Perfectly elastic

c)

Relatively elastic

d)

Unitary elastic

97.

Under perfect competition, the shape of demand curve of a firm is...............

a)

Vertical

b)

Horizontal

c)

Negatively sloped

d)

Positively sloped

98.

In which market form, does absence of competition prevail?

a)

Perfect competition

b)

Monopoly

c)

Duopoly

d)

Oligopoly

99.

Which of the following involves maximum exploitation of consumers?

a)

Perfect competition

b)

Monopoly

c)

Monopolistic competition

d)

Oligopoly

100.

An example of selling cost is ...

a)

Raw material cost

b)

Transport cost

c)

Advertisement cost

d)

Purchasing cost

101.

In Economics, distribution of income is among the

a)

factors of production

b)

individual

c)

firms

d)

traders

102.

Theory of distribution is popularly known as,

a)

Theory of product-pricing

b)

Theory of factor-pricing

c)

Theory of wages

d)

Theory of Interest

103.

Rent is the reward for the use of

a)

capital

b)

labour

c)

land

d)

organization

104.

The concept of ‘Quasi-Rent’ is associated with

a)

Ricardo

b)

Keynes

c)

Walker

d)

Marshall

105.

The Classical Theory of Rent was propounded by

a)

Ricardo

b)

Keynes

c)

Marshall

d)

Walker

106.

‘Original and indestructible powers of the soil’ is the term used by

a)

J.S.Mill

b)

Walker

c)

Clark

d)

Ricardo

107.

The reward for labour is

a)

rent

b)

wage

c)

profit

d)

interest

108.

Money wages are also known as

a)

real wages

b)

nominal wages

c)

original wages

d)

transfer wages

109.

Residual Claimant Theory is propounded by

a)

Keynes

b)

Walker

c)

Hawley

d)

Knight

110.

The reward given for the use of capital

a)

rent

b)

wage

c)

interest

d)

profit

111.

Keynesian Theory of interest is popularly known as

a)

Abstinence Theory

b)

Liquidity Preference Theory

c)

Loanable Funds Theory

d)

Agio Theory

112.

According to the Loanable Funds Theory, supply of loanable funds is equal to

a)

S + BC + DH + DI

b)

I + DS + DH + BM

c)

S + DS + BM + DI

d)

S + BM + DH + DS

113.

The concept of meeting unexpected expenditure according to Keynes is

a)

Transaction motive

b)

Precautionary motive

c)

Speculative motive

d)

Personal motive

114.

The distribution of income or wealth of a country among the individuals are

a)

functional distribution

b)

personal distribution

c)

goods distribution

d)

services distribution

115.

Profit is the reward for

a)

land

b)

organization

c)

capital

d)

labour

116.

Innovation Theory of profit was given by

a)

Hawley

b)

Schumpeter

c)

Keynes

d)

Knight

117.

Quasi-rent arises in

a)

Man-made appliances

b)

Homemade items

c)

Imported items

d)

None of these

118.

“Wages as a sum of money are paid under contract by an employer to a worker for services rendered” – Who said this?

a)

Benham

b)

Marshall

c)

Walker

d)

J.S.Mill

119.

Abstinence Theory of Interest was propounded by

a)

Alfred Marshall

b)

N.W Senior

c)

Bohm-Bawerk

d)

Knut Wicksell

120.

Loanable Funds Theory of Interest is called as

a)

Classical Theory

b)

Modern Theory

c)

Traditional Theory

d)

Neo-Classical Theory

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