Bihar Board Class 12 (Arts) Introduction to Economics — practice questions
63 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice Bihar Board Class 12 (Arts) Introduction to Economics in the app →The branch of economics that studies the behaviour of individual units such as consumers and firms is:The branch of economics that studies economy-wide aggregates such as national income and employment is:The economist whose work 'The Wealth of Nations' makes him widely regarded as the father of economics is:Modern macroeconomics emerged largely from the work of the economist:The historical event that prompted the development of macroeconomics in the 1930s was the:An economy in which the means of production are owned privately and decisions are driven by markets is a:An economy in which the government owns the means of production and takes the major economic decisions is a:An economy that combines features of both market and government decision-making is a:The basic economic agents whose decisions economics studies include:In a capitalist economy, the central economic decisions are guided primarily by:The fundamental economic problem that gives rise to all economic activity is:In a centrally planned economy, the question of what and how much to produce is decided by:Economics is broadly studied under the two branches of:Which branch of economics deals with the economy as a whole?Studying why the price of one commodity such as wheat rises is a problem of which branch?Which topic is studied mainly in macroeconomics?Microeconomics is also known as which theory, because it stresses the role of prices?Which economist is generally credited with starting macroeconomics as a separate field through his 1936 book?Which Swedish economist wrote Interest and Prices in 1898, seen as a pioneer work of macroeconomics?Which three variables are the central concerns of macroeconomics?Microeconomic theory begins with which kind of agent?In the utility maximization problem, a consumer maximizes utility subject to what?The law of demand states that price and quantity demanded are generally what kind of relation?According to the law of supply, a rise in price generally leads to what?Market equilibrium occurs where which two quantities are equal?At a price above the equilibrium price, the market shows what?Supply and demand analysis assumes that markets are of which type?A cost that does not change with the level of output is called what?Raw materials and delivery charges are examples of which type of cost?A fixed cost already incurred that cannot be recovered is called what?Production theory studies the process of converting what into outputs?Which market structure has numerous small firms selling identical products?A market with a single seller of a good is called what?A monopoly in an industry where one producer can supply at lower cost than many is called what?A market dominated by a small number of firms is called what?An oligopoly with only two firms is known as what?Many firms selling slightly different products is a feature of which market?A market with only one buyer and many sellers is called what?A market with one seller and one buyer is known as what?Firms in an oligopoly may form a cartel to do what?Market structure depends on the number of firms and what else?A classic example of suboptimal resource allocation by markets is which kind of good?When markets fail to produce efficient outcomes, economists call it what?Who introduced partial equilibrium theory in Principles of Economics in 1890?General equilibrium theory in microeconomics was developed by which economist?National output is usually measured as which aggregate?Adding net factor incomes from abroad to GDP gives which measure?Short-term drops in output caused by business cycles are called what?The unemployment rate is the percentage of the labour force that is what?Which group is not counted as unemployed under the standard definition?According to the original Okun's law, a 3% rise in output lowers unemployment by how much?A general price increase across the entire economy is called what?Economists measure changes in the general price level using what?Which theory links price level changes to money supply?The short run in macroeconomics refers to a few years and focuses mainly on what?The long-run emphasis in macroeconomics is on determinants of what?Stabilization policy mainly uses which two sets of tools?Central banks conduct monetary policy mainly by adjusting what?Expansionary monetary policy does what to interest rates?Fiscal policy uses which two instruments to influence the economy?Government spending that limits resources for private firms is an example of what?Which model, invented by John Hicks in 1936, shows equilibrium in goods and money markets?In the AD-AS model, the aggregate demand curve slopes in which direction?