Introduction To Economics CBSE Questions & Answers

Introduction To Economics

This is Economics Class 12 Introduction to Economics CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

1
In Economics, a good is something which
  • A
    Appears appealing
  • B
    Satisfies wants and needs
    Correct
  • C
    Is a service
  • D
    Can be a service
2
A resource is a
  • A
    Good only
  • B
    Good or a service
    Correct
  • C
    Not a good or a service
  • D
    Service only
3
The central problems of an economy are due to
  • A
    Limited choice
  • B
    Scarce resources
    Correct
  • C
    Unlimited resources
  • D
    Unlimited choice
4
The central problem of an economy is
  • A
    Problem of choice
    Correct
  • B
    Problem of resources
  • C
    one of these
  • D
    Scarcity of resources
5
Opportunity Cost The problem of ‘What to produce’ in an economy is
  • A
    What technology is to be used
  • B
    What kind of economy to be studied
  • C
    What kinds of goods to produce
    Correct
  • D
    What kinds of resources to be used
6
The problem of ‘How to produce’ in an economy is
  • A
    The choice of technology
    Correct
  • B
    The choice of labour
  • C
    The choice of capital
  • D
    The choice of goods
7
The problem of ‘For whom to produce’ in an economy is
  • A
    Unequal distribution of wealth
  • B
    Equal distribution of income
  • C
    Equal distribution of resources
  • D
    Distribution of Income
    Correct
8
A PPC is
  • A
    Possibility Problem Curve
  • B
    Production possibility Curve
    Correct
  • C
    Problem posing curve
  • D
    Production problem Curve
9
What is economics about?
  • A
    Managing resources
  • B
    Making decisions
  • C
    Making choices
    Correct
  • D
    Making goods
10
The basic economic problem is
  • A
    Limited means, unlimited resources
    Correct
  • B
    Unlimited means, unlimited resources
  • C
    Unlimited means and limited resources
  • D
    Limited means and limited resources
11
The basic factors of production are land, labour, capital and______
  • A
    Machinery
  • B
    Investment
  • C
    Enterprise
    Correct
  • D
    Resources
12
One of the characteristics of economic resource is scarcity. Which is the other?
  • A
    They are in abundance
  • B
    They have alternate uses
    Correct
  • C
    They are not marketable
  • D
    They are available in limited quantity
13
Positive economics states
  • A
    What is
    Correct
  • B
    What is supposed to be
  • C
    What will be
  • D
    Central problems of an economy
14
Normative economics states
  • A
    What was
  • B
    What is
  • C
    Central problems of an economy
  • D
    What ought to be
    Correct
15
An individual in economics is
  • A
    A dependent unit
  • B
    A good
  • C
    A human being only
  • D
    An individual decision making unit
    Correct