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Bihar Board Class 12 (Arts) Indian Economy & Economic Development — practice questions

Explore 14 free Indian Economy & Economic Development questions in Bihar Board Class 12 (Arts) Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Indian Economy & Economic Development questions and exercises with answers

Showing questions 1–14 of 14.

Colonial economy bingoRead the answer and worked solution →Economic exchanges made without the mediation of money are called:Read the answer and worked solution →Barter exchange presumes the rather improbable:Read the answer and worked solution →The first and foremost function of money is to act as a:Read the answer and worked solution →A general rise in the price level means which property of money has fallen?Read the answer and worked solution →Because money is not perishable and is accepted at any time, it serves as a:Read the answer and worked solution →India got its central bank, the Reserve Bank of India, in which year?Read the answer and worked solution →Currency issued by the central bank, the basis for credit creation, is called:Read the answer and worked solution →The Reserve Bank of India is the custodian of the country's:Read the answer and worked solution →The gap between the interest banks pay depositors and charge borrowers is the:Read the answer and worked solution →Deposits that commercial banks keep with the RBI, plus their cash, are called:Read the answer and worked solution →For a bank, the main liability is its:Read the answer and worked solution →A bank's net worth equals:Read the answer and worked solution →The percentage of deposits a bank must keep as cash reserves is the:Read the answer and worked solution →

Worked practice questions

Colonial economy bingo

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Clues and terms
  1. Clue
    Bengal's famed cotton textile.
    Item
    Muslin
  2. Clue
    Rent-collecting land system.
    Item
    Zamindari
  3. Clue
    Steel company of 1907.
    Item
    TISCO
  4. Clue
    Waterway opened in 1869.
    Item
    Suez Canal
  5. Clue
    First count of British India.
    Item
    Census 1881
  6. Clue
    Drained India's wealth.
    Item
    Export surplus
  7. Clue
    Industries making machine tools.
    Item
    Capital goods
  8. Clue
    Called Bengal richer than Egypt.
    Item
    Bernier
  9. Clue
    Finest muslin.
    Item
    Malmal
Instructions
Read each clue and tap the term it describes.
_Source: syllabus Indian Economic Development, Chapter 1, Indian Economy on the Eve of Independence._

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Economic exchanges made without the mediation of money are called:

  1. Barter
  2. Credit
  3. Trade
  4. Deposit
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Correct answer: A. Barter

1. Rice swapped directly for cloth is an example. 2. Such exchanges are barter. 3. They need a double coincidence of wants. _Source: syllabus Introductory Macroeconomics, Chapter 3, Money and Banking._

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Barter exchange presumes the rather improbable:

  1. Perfectly fixed price level
  2. Double coincidence of wants
  3. Single common unit of account
  4. Permanent store of all value
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Correct answer: B. Double coincidence of wants

1. Each party must want exactly what the other offers. 2. This is the double coincidence of wants. 3. Search costs rise with more people. _Source: syllabus Introductory Macroeconomics, Chapter 3, Money and Banking._

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