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Class 12 Economics (Macro Economics) Chapter 1 Introduction Quiz 1 (25 MCQs)

Quiz Instructions

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1. One of the following is not a type of economy
2. How do consumers decide how much of each good to buy?
3. The statements like Economy should control pollution or unemployment in the economy ought to be reduced fall within the scope of
4. One measure of the economy macroeconomists pay attention to to study the pace of growth in the economy is
5. Which of the following is an exmple of Micro Economics?
6. "General Theory of Employment, Interest and Money"-this book was published by .....
7. The reward gained by risk taking when the revenue earned from selling a given amount of output exceeds the total cost of producing that output
8. Scarcity is the economic law that needs and wants are ..... but resources are .....
9. Economic problem is the problem of .....
10. Which part of the economic theory aims at the producer's behaviour and the level of output by a firm?
11. What happens when there is a surplus of a product in the market?
12. Which of the following is not a flow
13. Which of the following is a normative statement
14. Which of the following is NOT a basic question of economic systems?
15. Which is an example of scarcity?
16. Lawmakers asking the question "Will cutting taxes end the current recession?" is a
17. A teacher gives extra credit if a student completes a test study guide ..... This is an example of?
18. Is this a micro-economic or a macro-economic Problem?Inflation and/or deficit
19. Who is known as "Father of economics"
20. The price of any good will rise.
21. Microeconomics is also called
22. Goods means which types of good which we use to satisfy people's wants and needs?
23. What encourages firms to produce what consumer demand?
24. The Opportunity cost of 500 kg of wheat produced on a land which can produce 400 kg of rice is:
25. A decision making unit can be.
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