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CLASS 11 ECONOMICS CHAPTER 1 ECONOMICS AND ECONOMY OBJECTIVE QUESTIONS MCQ'S TEST
Hello Students we are providing mcqs of class 11 Microeconomics lesson 1 Economics and Economy These objective questions is very helpful for your study because these question cover a wide topic and easy to understand
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1. Which of the following is not concerned with the problem of choice?
(a) Excessive income
(b) they have alternative uses
(c) Unlimited wants
(d) Limited (scarce) resources
Answer - A
2. Principal characteristics of resources are:
(a) they are scarce in relation to our needs
(b) Alternative use of resources
(c) both (a) and (b)
(d) none of these
Answer - C
3. In which of the following situations, does scarcity arise?
(a) Supply of resources > Demand for resources
(b) Supply of resources < Demand for resources
(c) Supply of resources = Demand for resources
(d) None of these
Answer - B
4. Economic problem arises due to the fact that:
(a) resources are scarce
(b) human wants are unlimited
(c) resources have alternative uses
(d) all of these
Answer - D
5. The resources for satisfying human wants are:
(a) limited
(b) unlimited
(c) available at zero prices
(d) none of these
Answer - A
6. Scarcity of resources exists:
(a) at the micro level
(b) at the macro level
(c) micro as well as macro level
(d) none of these
Answer - C
7. Positive economics involves statements which are:
(a) verifiable
(b) not verifiable
(c) may or may not be verifiable
(d) none of these
Answer - A
8. A statement which does not offer any suggestion is known as:
(a) positive statement
(b) normative statement
(c) both (a) and (b)
(d) none of these
Answer - A
9. Normative economics deals with:
(a) facts
(b) opinions
(c) both (a) and (b)
(d) none of these
Answer - B
10. Which of the following is the example of economic activity?
(a) Production
(b) Consumption
(c) Exchange
(d) All of these
Answer - D
11. Who controls economic activities under centrally planned economies?
(a) Industrialists
(b) Private firms
(c) Government
(d) Consumers
Answer - C
12. The government does not interfere in the process of decision-making under:
(a) market economy
(b) centrally planned economy
(c) mixed economy
(d) all of these
Answer - A
13. Consumer is sovereign under:
(a) controlled economy
(b) free economy
(c) mixed economy
(d) both (b) and (c)
Answer - D
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