Class 12 Commerce Introduction to Economics — practice questions
13 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice Class 12 Commerce 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: