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ISC Class 12 Macroeconomics: Income, Budget & Banking — practice questions

Explore 70 free Macroeconomics: Income, Budget & Banking questions in ISC Class 12 Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Macroeconomics: Income, Budget & Banking questions and exercises with answers

Showing questions 1–30 of 70.

True or false about the two branchesRead the answer and worked solution →The branch of economics that studies the behaviour of individual units such as consumers and firms is:Read the answer and worked solution →Spot the odd one outRead the answer and worked solution →The branch of economics that studies economy-wide aggregates such as national income and employment is:Read the answer and worked solution →The historical event that prompted the development of macroeconomics in the 1930s was the:Read the answer and worked solution →The value of output minus the value of intermediate consumption is called:Read the answer and worked solution →Net National Product (NNP) is obtained by subtracting ___ from GNP:Read the answer and worked solution →Market price equals factor cost plus indirect taxes minus:Read the answer and worked solution →In the expenditure method, national income is found by adding consumption, investment, government spending and:Read the answer and worked solution →The circular flow of income shows the flow of goods, services and money between:Read the answer and worked solution →True or false about national incomeRead the answer and worked solution →Final or intermediate?Read the answer and worked solution →The value of national income measured at the prices actually received by factors of production is the:Read the answer and worked solution →The fall in the value of fixed capital due to normal wear and tear is called:Read the answer and worked solution →Receipts that neither create a liability nor reduce the assets of the government are called:Read the answer and worked solution →Complete the value added ruleRead the answer and worked solution →National income can be measured by the product method, the income method and the:Read the answer and worked solution →Final or intermediate good?Read the answer and worked solution →Tap the three methodsRead the answer and worked solution →National income numbersRead the answer and worked solution →National income bingoRead the answer and worked solution →The branch of economics concerned with aggregates such as GDP, employment and the price level is:Read the answer and worked solution →Income that households actually have available to spend or save, after taxes, is called:Read the answer and worked solution →Intermediate goods are excluded from national income to avoid the problem of:Read the answer and worked solution →Complete the money measureRead the answer and worked solution →Sort narrow and broad moneyRead the answer and worked solution →Match the function of moneyRead the answer and worked solution →Central bank or commercial bank?Read the answer and worked solution →Money and banking bingoRead the answer and worked solution →Which function of money?Read the answer and worked solution →

Worked practice questions

True or false about the two branches

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Questions
  1. Statement is true
    Yes
    Statement
    Microeconomics studies individual markets.
  2. Statement is true
    Yes
    Statement
    Inflation is a macroeconomic phenomenon.
  3. Statement is true
    No
    Statement
    A single firm's pricing is macroeconomics.
  4. Statement is true
    Yes
    Statement
    Economic agents are those who take economic decisions.
  5. Statement is true
    No
    Statement
    A large company counts as macro in this sense.
Instructions
Decide whether each statement is true or false.
_Source: syllabus Introductory Macroeconomics, Ch 1 'Introduction'_

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The branch of economics that studies the behaviour of individual units such as consumers and firms is:

  1. public finance
  2. microeconomics
  3. econometrics
  4. macroeconomics
Show answer and solution

Correct answer: B. microeconomics

Microeconomics studies individual units — consumers, firms, markets.

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Spot the odd one out

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Questions
  1. Items
    1. Income tax
    2. Excise duty
    3. Customs duty
    4. Service tax
    Odd item
    Income tax
  2. Items
    1. Borrowing
    2. Asset sale
    3. Income tax
    4. Loan taken
    Odd item
    Income tax
  3. Items
    1. Fiscal deficit
    2. Revenue deficit
    3. Excise duty
    4. Primary deficit
    Odd item
    Excise duty
Instructions
Tap the one that does not belong with the rest.
_Source: syllabus Introductory Macroeconomics, Ch 5 'Government Budget and the Economy'_

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