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MP Board Class 12 (MPBSE) Introduction to Economics — practice questions

Explore 13 free Introduction to Economics questions in MP Board Class 12 (MPBSE) Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Introduction to Economics questions and exercises with answers

Showing questions 1–13 of 13.

The branch of economics that studies the behaviour of individual units such as consumers and firms is:Read 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 economist whose work 'The Wealth of Nations' makes him widely regarded as the father of economics is:Read the answer and worked solution →Modern macroeconomics emerged largely from the work of the economist: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 →An economy in which the means of production are owned privately and decisions are driven by markets is a:Read the answer and worked solution →An economy in which the government owns the means of production and takes the major economic decisions is a:Read the answer and worked solution →An economy that combines features of both market and government decision-making is a:Read the answer and worked solution →The basic economic agents whose decisions economics studies include:Read the answer and worked solution →In a capitalist economy, the central economic decisions are guided primarily by:Read the answer and worked solution →The fundamental economic problem that gives rise to all economic activity is:Read the answer and worked solution →In a centrally planned economy, the question of what and how much to produce is decided by:Read the answer and worked solution →Economics is broadly studied under the two branches of:Read the answer and worked solution →

Worked practice questions

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
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Correct answer: B. microeconomics

Microeconomics studies individual units — consumers, firms, markets.

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The branch of economics that studies economy-wide aggregates such as national income and employment is:

  1. welfare economics
  2. macroeconomics
  3. microeconomics
  4. managerial economics
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Correct answer: B. macroeconomics

Macroeconomics studies aggregates — national income, employment, price level.

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The economist whose work 'The Wealth of Nations' makes him widely regarded as the father of economics is:

  1. Adam Smith
  2. John Maynard Keynes
  3. David Ricardo
  4. Alfred Marshall
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Correct answer: A. Adam Smith

Adam Smith's 'Wealth of Nations' earns him the title father of economics.

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More Economics topics

Government Budget and the EconomyMoney and BankingNational Income Accounting