12th Commerce economics important MCQ
1. Price elasticity of demand on a linear demand curve at the X axis is ...............
a) zero
b) one
c) infinity
d) less than one
ANS: A
2. Under Perfect competition, sellers are
a) Price makers
b) Price takers
c) Price discriminators
d) None of these
Options :1) a, b and c 2) only b 3) only c 4) a and c
ANS: 2
3. Public is a collective for the individuals living within:
a. an administrative territory
b. a country only
c. specific area
d. Area
ANS:A
4. Although the prices have risen today, consumers will demand more in anticipation of further rise in price. This is:
a. Illusion
b. Ignorance
c. hypothecation
d. Speculation
ANS:D
5. The shape of the demand curve in general is:
a. Horizontal
b. Vertical
c. Downward sloping
d. Upward sloping
ANS:C
6. Public finance constitutes the part of the study of :
a. Political science
b. law
c. Social studies
d. All of the above
ANS:A
7. Monopsony is the converse of
a. Monopolistic
b. oligopoly
c. monopoly
d. none
ANS:C
8. The countries to which a country export its goods and services and the countries from which its imports is called
a. Composition of trade
b. Direction of trade
c. Balance of trade
d. Volume of trade
ANS:B
9. Chamberlin introduced the concept of:
a. Legal
b. Monopoly
c. Class
d. Group
ANS:D
10. The branch of economics that deals with the allocation of resources.
a) Micro economics
b) Macro economics
c) Econometrics
d) None of these
Options:1) a, b and c 2) a and b 3) only a 4) None of these
ANS:3
11. Concepts studied under Micro economics.
a) National income
b) General price level
c) Factor pricing
d) Product pricing
Options:1) b and c 2) b, c and d 3) a, b and c 4) c and d
ANS:4
12. Utility analysis explains a consumer’s behaviour in relation to maximization of:
a. Demand
b. Need
c. Wants
d. Satisfaction
ANS:D
13. In the process of production inputs are converted into
a. output
b. final goods
c. Both a and b
d. Only a
ANS:C
14. Non-tax sources of revenue:
a) Direct and Indirect Tax
b) Direct Tax and Fees
c) Fees
d) Special Levy
Options : 1) b and c 2) a and c 3) a, b, c and d 4) c and d
ANS:4
15. In India, national income is estimated using .........
a) output method
b) income method
c) expenditure method
d) combination of output and income method
ANS: D
16. Money market is a market for:
a. Short term funds
b. Medium term funds
c. Long term funds
d. All of the above
ANS: A
17. Quantity index number is also called as:
a. Volume index number
b. Output index number
c. Input index number
d. Sales index number
ANS:A
18. A rise in the quantity supplied due to a rise in the price of a commodity, other factors remaining constant is known as
a. Increase in supply
b. Decrease in supply
c. Expansion of supply
d. Contraction of supply
ANS:C
19. Equilibrium is the balance between:
a. two factors
b. three factors
c. four factors
d. none
ANS:A
20. The price elasticity of demand is a negative number. It means:
a. Demand is price elastic
b. Demand is price inelastic
c. Demand curve is downward sloping
d. An increase in income will reduce the quantity demanded.
ANS:C
21. NNP is calculated as
a. GDP-Depreciation
b. GNP – Depreciation
c. NDP – depreciation
d. None
ANS:B
22. When supply curve is upward sloping, it’s slope is ..............
a) positive
b) negative
c) first positive then negative
d) zero
ANS:A
23. An upward movement along the same supply curve shows ................
a) contraction of supply
b) decrease in supply
c) expansion of supply
d) increase in supply
ANS:C
24. At any point of time, a market will exist if there are :
a. Close contact between buyers and sellers
b. A product or service to be bought and sold
c. Price of the product
d. All of the above
ANS:D
25. Capital payments refer to the capital expenditures on
a. various development projects
b. investments by the Government
c. loans given to the state Governments
d. All of the above
ANS:D
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