CBSE Class 12 Economics - Term 1 MCQs (2021-22)
Q1: What is the defect of the barter system?
(a) Lack of double coincidence of wants
(b) Difficulty in the measurement of value
(c) Difficulty in store of value
(d) All of these
Q2: Supply of money refers to __________
(a) currency held by the public
(b) currency held by RBI
(c) currency held by public and demand deposits with commercial banks
(d) currency held in government account
Q3: Giving permission to withdraw money by an amount more than deposited to is known as _________
(a) Advance
(b) Overdraft
(c) Loan
(d) None of these
Q4: The rate at which commercial banks park their excess reserves is known as ________.
(a) Repo rate
(b) Bank rate
(c) Open market sales
(d) Reverse repo rate
Q5: _______ is not an example of non-tax revenue from below.
(a) Fees
(b) Panelties
(c) Excise duty
(d) Both (a) and (b)
Q6: If the government establishes a new university, this expenditure incurred in
the government budget will be a type of _______ expenditure.
(a) revenue
(b) capital
(c) non-planned
(d) None of these
Q7: When government spends more than it collects by way of revenue, it incurs ______
(a) Budget surplus
(b) Budget deficit
(c) Capital expenditure
(d) Revenue expenditure
Q8: Which of the following is not a revenue receipt?
(a) Recovery of Loans
(b) Foreign Grants
(c) Profits of Public Enterprise
(d) Wealth Tax
Q9: Merchandise Balance =
(a) Export of goods - Import of goods
(b) Export of serviccs - Import of services
(c) Investment income + Compensation of employees
(d) none of these
Q10: A downward movement along the demand curve for foreign exchange indicates
(a) Appreciation of currency
(b) Depreciation of currency
(c) Devaluation of currency
(d) Revaluation of currency
Q11: The market where the national currencies are traded for one another is known as ________.
(a) Domestic exchange market
(b) Foreign exchange market
(c) Bazaar
(d) Shop
Q12: The foreign exchange rate is determined by:
(a) Government
(b) Bargaining
(c) World Bank
(d) Demand and Supply forces
Q13: Autonomous items an classified as:
(a) below the line ilcms of BoP
(b) above the line items of BoP?
(c) on the line items of BoP?
(d) both (a) and (c)
Q14: Current acount BoP records:
(a) export and import of goods
(b) export and import of services
(c) current transfers
(d) all of these
Q15: State of balance of payments always balances regardless of the types of
transactions.
(a) True
(b) False
(c) In most cases it is True
(d) None of these
Q16: In how many sectors is the occupational structure of India is divided?
(a) One
(b) Two
(c) Three
(d) Four
Q17: What was the growth rate of per capita income in India on the eve of Independence?
(a) 0.9%
(b) 0.5%
(c) 1.2%
(d) 3%
Q18: What is the tax or duty on imports called?
(a) Tariff
(b) Quota
(c) Export
(d) None of these
Q19: Which of the following was the major occupation on the eve of independence?
(a) Industry
(b) Services
(c) Agriculture
(d) None of these
Q20: Land reform measures were successful in which of the following given states?
(a) Punjab and Haryana
(bl Maharashtra and West Bengal
(c) Uuar Pradesh and Madhya Pradesh
(d) Kerala and West Bengal
Q21: ______ policy followed in the first seven five year plans of India, aimed at substituting imports with domestic production.
(a) Inward looking trade policy
(b) Outward looking trade policy
(c) Import substitution
(d) both (a) and (c)
Q22: When did the Gulf Crisis take place?
(a) 1985
(b) 1990-91
(c) 1995
(d) 1975
Q23: When was WTO established?
(a) 1996
(b) 1998
(c) 2000
(d) 1995
Q24: Who was the first to use the concept of povcrly line in India?
(a) Jawaharlal Nehru
(b) Dadabhai Naoroji
(c) Mahatma Gandhi
(d) B.R. Ambedkar
Q25: Under MGNREGA, work is offered for minimum period of:
(a) 100 days
(b) 150 days
(c) 180 days
(d) 200 days
Q26: Which of the following is not an indicator of education level?
(a) Years of schooling
(b) Life expectancy
(c) Teacher-pupil ratio
(d) Enrollment rate
Q27: When was Right to Education Act enacted?
(a) 2008
(b) 2009
(c) 2010
(d) 2012
Q28: Which of the following is not the role of on-the-job training?
(a) Eradicates inequality
(b) Encourages innovation
(c) Promotes modern methods
(d) Enhances productivity
Q29: When was the National Bank for Agricultural and Rural Development set up?
(a) 1962
(b) 1972
(c) 1982
(d) 1992
Q30: What is the name of the vegetable and fruit market in Andhra Pradesh?
(a) Apni Mandi
(b) Hadaspar Mandi
(c) Rythu Bazars
(d) UzhavarSandies
Answers:
1: (d) All of these
2: (c) currency held by public and demand deposits with commercial banks
3: (b) Overdraft
4: (d) Reverse repo rate
5: (c) Excise duty
6: (b) capital
7: (b) Budget deficit
8: (a) Recovery of Loans
9: (a) Export of goods - Import of goods
10: (a) Appreciation of currency
11: (b) Foreign exchange market
12: (d) Demand and Supply forces
13: (b) above the line items of BoP?
14: (d) all of these
15: (b) False
16: (c) Three
17: (b) 0.5%
18: (a) Tariff
19: (c) Agriculture
20: (d) Kerala and West Bengal
21: (d) both (a) and (c)
22: (b) 1990-91
23: (d) 1995
24: (b) Dadabhai Naoroji
25: (a) 100 days
26: (b) Life expectancy
27: (b) 2009
28: (d) Enhances productivity
29: (c) 1982
30: (c) Rythu Bazars
👉See Also:
Economics - Question Paper (Delhi Region) (2016-17) and Marking Scheme / Answers
Economics - Sample Question Paper (2017-18)
Economics - Sample Question + Marking Scheme (2018-19)
Economics - Preboard Sample Question Paper (Set1) 2020-21
Chapter 1 - Introduction to Economics (Very Short Question Answers)
Economics - Ch1 Introduction of Economics (Worksheet)
Ch2 - Consumer's Equilibrium & Demand (Important Definitions)
Chapter - Banking - Important Banking Concepts
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