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Karnataka PUC II Commerce Economics — practice by topic

Browse 20 questions across 3 Economics topics. Choose what you want to revise, then open a question to check its answer and worked solution.

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Economics topics

Money and Banking (9)National Income Accounting (7)Macroeconomics Introduction (4)

Try a Economics question

In a capitalist economy, the part of revenue earned by the entrepreneur after paying rent, interest and wages is calledRead the answer and worked solution →Which sector is NOT one of the four major sectors of a macroeconomy in the syllabus framework?Read the answer and worked solution →Which of the following is NOT a characteristic of a capitalist economy as defined in the chapter?Read the answer and worked solution →Approximately by how much did aggregate output in the USA fall between 1929 and 1933, the period of the Great Depression?Read the answer and worked solution →

Worked practice questions

In a capitalist economy, the part of revenue earned by the entrepreneur after paying rent, interest and wages is called

  1. Dividend
  2. Subsidy
  3. Tax
  4. Profit
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Correct answer: D. Profit

Revenue − (rent + interest + wages) = profit, the entrepreneur's reward for bearing risk. Profits are often reinvested as investment expenditure.

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Which sector is NOT one of the four major sectors of a macroeconomy in the syllabus framework?

  1. Foreign embassies
  2. Households
  3. Firms
  4. Government
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Correct answer: A. Foreign embassies

The four sectors are households, firms, government, and the external sector (rest of the world). Foreign embassies are a sub-category of diplomatic activity, not a macroeconomic sector.

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Which of the following is NOT a characteristic of a capitalist economy as defined in the chapter?

  1. Land owned collectively by tribal communities
  2. Private ownership of means of production
  3. Production for sale in the market
  4. Wage labour bought and sold at a price
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Correct answer: A. Land owned collectively by tribal communities

Capitalist economies feature private ownership, market-based production and wage labour. Tribal collective land ownership is given as an example of NON-capitalist economic organisation.

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