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Easy Economics mcq for Class 11. We covered all the Easy Economics mcq for Class 11 in this post for free so that you can practice well for the exam.
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Easy Economics mcq for Class 11 Students
Which of the following does not fall under the category of infrastructure?
a) Highways
b) Dams
c) Agriculture
d) power
Option c – Agriculture
Which of the following is not considered a manufacturing process?
a) Producing paper from wood
b) Creating mutual fund products by combining debt and equity
c) Spinning yarn from cotton
d) Producing sugar from sugarcane
Option b – Creating mutual fund products by combining debt and equity
Which of the following is a feature of public goods?
a) Their consumption follows the principle of excludability
b) There is a direct payment link between producer and consumer
c) Their consumption is rival in nature
d) Free-rider problems may arise in their usage
Option d – Free-rider problems may arise in their usage
Which of the following is not a reason why goods are termed “final goods”?
a) They are intended for ultimate use
b) They are the last goods to be consumed
c) They do not undergo further stages of production
d) They are not subjected to further processing
Option b – They are the last goods to be consumed
As per 2011–12 data, what was the share of women working in India’s primary sector?
a) 61%
b) 63.08%
c) 62.8%
d) 64.5%
Option c – 62.8%
In 1990–91, the production of steel was shared by the public and private sectors in what proportion?
a) 46% and 54%
b) 40% and 60%
c) 49% and 51%
d) 55% and 45%
Option a – 46% and 54%
Which of the following does not hold true in the circular flow of Income for a two-sector Economy?
a) Total output equals total consumption
b) Factor payments equal factor Income
c) Real flow exceeds monetary flow
d) Consumption expenditure equals factor Income
Option c – Real flow exceeds monetary flow
In 1991–92, the growth rate of industrial production was recorded as
a) Positive; 1.1%
b) Negative; 1.1%
c) Positive; 0.6%
d) Negative; 0.9%
Option c – Positive; 0.6%
Final goods can be classified into which of the following categories?
a) Raw materials and semi-finished goods
b) Single goods and composite goods
c) Consumption goods and capital goods
d) Civilian goods and war goods
Option c – Consumption goods and capital goods
Which of the following is not a characteristic of durable goods?
a) They can be used repeatedly
b) They are not exhausted through immediate consumption
c) They are purchased frequently again and again
d) They generally have a long lifespan
Option c – They are purchased frequently again and again
Which of the following belongs to the service (tertiary) sector?
a) Water supply
b) Mining and quarrying
c) Electricity generation
d) Hotels and restaurants
Option d – Hotels and restaurants
Which of these can be regarded as a part of the parallel Economy?
a) Income not fully reported for taxation
b) Household domestic work done by homemakers
c) Salaries paid to domestic workers
d) Fees paid for private tutoring
Option a – Income not fully reported for taxation
Which of the following is incorrect in the context of the simple circular flow of Income model? i. Aggregate consumption is greater than aggregate expenditure ii. The model assumes government intervention iii. No trade takes place with foreign countries
a) Only i
b) Only i and ii
c) Only ii
d) Only ii and iii
Option b – Only i and ii
Which category of goods includes machines, equipment, tools, and buildings?
a) Consumer goods
b) Inferior goods
c) Capital goods
d) Intermediate goods
Option c – Capital goods
Which of the following qualifies as a flow variable? i. Import of cloth ii. Production of rice iii. Change in capital stock a) None of i, ii and iii
b) Only ii
c) Only i and ii
d) All of i, ii and iii
Option d – All of i, ii and iii
Hindustan Aeronautics Limited is part of which sector?
a) Co-operative sector
b) Private sector
c) Public sector
d) Foreign sector
Option c – Public sector
In the context of migration, the factors that compel people to move away from their native place are termed as
a) Pull factors
b) Regular factors
c) Push factors
d) Irregular factors
Option c – Push factors
A change in the stock of inventory held by a firm is treated as
a) Disinvestment
b) Investment
c) Liability
d) Asset
Option b – Investment
Which among the following is an example of a joint-sector enterprise?
a) Steel Authority of India Limited
b) Hindustan Aeronautics Limited
c) Maruti Udyog Limited
d) Anand Milk Union Limited
Option c – Maruti Udyog Limited
Which of the following is a public sector enterprise in India?
a) Tata Iron and Steel Company
b) Bajaj Auto
c) Bharat Heavy Electricals Limited
d) Dabur
Option c – Bharat Heavy Electricals Limited
Which of the following belongs to the private sector in India?
a) Bharat Heavy Electricals Limited
b) Oil India Limited
c) Steel Authority of India Limited
d) Tata Iron and Steel Company
Option d – Tata Iron and Steel Company
Which among the following represents a joint sector industry?
a) Oil India Limited
b) Tata Iron and Steel Company
c) Steel Authority of India Limited
d) Bharat Heavy Electricals Limited
Option a – Oil India Limited
The sector of the Economy that deals with knowledge-based activities and innovation is known as
a) Secondary Sector
b) Unorganised Sector
c) Primary Sector
d) Quaternary Sector
Option d – Quaternary Sector
National Defence, highways, and government administration are examples of
a) Private goods
b) Supplementary goods
c) Public goods
d) Complementary goods
Option c – Public goods
In a capitalist Economy, goods are distributed primarily on the basis of
a) Needs of people and their purchasing power
b) Not on the basis of needs, but on purchasing power
c) Only on the basis of people’s needs
d) Not on the basis of purchasing power
Option b – Not on the basis of needs, but on purchasing power
Which type of activities are mainly carried out in the secondary sector?
a) Providing support services to industries
b) Agriculture and livestock rearing
c) Manufacturing goods from raw materials
d) Extracting resources from nature
Option c – Manufacturing goods from raw materials
ATM kiosks are part of which sector of the Economy?
a) Tertiary Sector
b) Quaternary Sector
c) Primary Sector
d) Secondary Sector
Option a – Tertiary Sector
Who is considered the father of modern Economics?
a) Adam Smith
b) Karl Marx
c) Alfred Marshall
d) Daniel Kahneman
Option a – Adam Smith
Storage and transportation services are included in which sector?
a) Secondary sector
b) Service sector
c) Tertiary sector
d) Primary sector
Option c – Tertiary sector
Which of the following qualifies as a public good?
a) House
b) Defence
c) Only i
d) Both i and ii
Option c – Only i
Which of the following statements correctly describes private goods?
a) They are non-excludable
b) They are rivalrous in consumption
c) They have negative marginal cost
d) Only option ii is correct
Option b – They are rivalrous in consumption
In 2011-12, what share of India’s workforce was engaged in the secondary sector?
a) 30%
b) 60.4%
c) 24.3%
d) 15.8%
Option c – 24.3%
Industries of national and strategic significance are generally placed under which sector?
a) Public
b) Joint
c) Co-operative
d) Private
Option a – Public
Recreation-related services are classified as
a) Capital goods
b) Consumer goods
c) Inferior goods
d) Intermediate goods
Option b – Consumer goods
Which characteristic is associated with public goods?
a) Excludable
b) Non-rivalrous
c) Non-divisible
d) Rivalrous
Option b – Non-rivalrous
Which of the following is NOT considered a limitation of the barter system?
a) Absence of a common unit of value
b) Exchange of surplus goods for other goods
c) Difficulty in contractual obligations
d) Requirement of double coincidence of wants
Option b – Exchange of surplus goods for other goods
Which of the following does NOT fall under public goods?
a) Private driveway at home
b) National Defence
c) Access to clean air
d) Law enforcement
Option a – Private driveway at home
Which of the following is a key feature of capital goods?
a) They are durable
b) They are inexpensive
c) They are inferior goods
d) They are Giffen goods
Option a – They are durable
Which one of the following is NOT a central feature of capitalism?
a) Production of commodities for the market
b) Ownership of productive resources mainly in private hands
c) Economic life guided by market forces
d) Resource allocation primarily through planned organisation
Option d – Resource allocation primarily through planned organisation
The concept of the ‘Social Market Economy’ first developed in the 1950s in
a) Germany
b) France
c) United Kingdom
d) United States of America
Option a – Germany
Which of the following activities are part of the real sector of the Economy? 1. Farmers harvesting crops 2. Textile mills manufacturing fabric from cotton 3. Banks lending to businesses 4. A company issuing bonds abroad
a) 1 and 2
b) 1, 2 and 3
c) 2 and 4
d) 1, 2 and 4
Option a – 1 and 2
Activities or services that involve generating, reorganizing, and interpreting knowledge and ideas are known as
a) Quaternary activities
b) Quinary activities
c) Tertiary activities
d) Secondary activities
Option b – Quinary activities
Which of the following statements is not correct?
a) The Industrial Securities Market is also referred to as the gilt-edged market
b) The secondary market deals with the buying and selling of securities already issued earlier
c) The RBI has a major role in the gilt-edged market through its Open Market Operations
d) The primary market is also called the new issue market
Option a – The Industrial Securities Market is also referred to as the gilt-edged market
In a socialist economic system, which of the following holds true? i) The government decides the goods to be produced ii) Goods are distributed based on people’s requirements
a) Only i
b) Neither i nor ii
c) Both i and ii
d) Only ii
Option c – Both i and ii
Macroeconomics primarily focuses on which of the following? i) Causes of unemployment of resources ii) measurement of overall output in the Economy
a) Only i
b) Only ii
c) Neither i nor ii
d) Both i and ii
Option d – Both i and ii
A free-market Economy is mainly associated with
a) Capitalism
b) Socialism
c) Functionalism
d) Feudalism
Option a – Capitalism
Which sector works primarily with the aim of promoting Social welfare?
a) Private sector
b) Co-operative sector
c) Public sector
d) Foreign sector
Option c – Public sector
Which of the following is considered an auxiliary to trade?
a) Selling
b) Production
c) Buying
d) Warehousing
Option d – Warehousing
The migration of highly skilled and educated individuals from one nation to another for better prospects is called
a) Carrying capacity
b) Brain drain
c) Demographic transition
d) Closed Population
Option b – Brain drain
In EPF, the letter “P” stands for
a) Planning
b) Profit
c) Promotion
d) Provident
Option d – Provident
Which of the following is least important for maintaining individual Health?
a) Social equality
b) Public cleanliness
c) Public Transport
d) Harmony
Option c – Public Transport
Which option is related to positive Economics?
a) Inflation is preferable to deflation
b) Wealth and Income inequalities must be reduced
c) Producing more luxury goods is not suitable for a less-developed Economy
d) A rise in Money supply leads to an increase in the price level
Option d – A rise in Money supply leads to an increase in the price level
Which field of Economics examines resource depletion and Pollution linked to rapid growth?
a) Environmental Economics
b) Developmental Economics
c) International Economics
d) Public Economics
Option a – Environmental Economics
Money or value sent by migrants back to their home country is called
a) Drafts
b) Bills
c) Payments
d) Remittances
Option d – Remittances
Farmers and seasonal workers who frequently shift in and out of poverty are called
a) Occasionally poor
b) Usually poor
c) Always poor
d) Churning poor
Option d – Churning poor
A sudden increase in the sales of a product leads to ( Easy Economics mcq for Class 11 PDF )
a) Planned accumulation of inventory
b) Planned decumulation of inventory
c) Unplanned decumulation of inventory
d) Unplanned accumulation of inventory
Option c – Unplanned decumulation of inventory
An economy in which at least half of the production value comes from the industrial sector is called ( Easy Economics mcq for Class 11 PDF )
a) Primary economy
b) Secondary economy
c) Tertiary economy
d) banking economy
Option b – Secondary economy
The ‘Income and Employment Theory’ is another name for ( Easy Economics mcq for Class 11 PDF )
a) Public finance
b) International Economics
c) Macroeconomics
d) Microeconomics
Option c – Macroeconomics
The study of decision-making by individuals, households, and firms is called ( Easy Economics mcq for Class 11 PDF )
a) Microeconomics
b) Macroeconomics
c) Econometrics
d) Health Economics
Option a – Macroeconomics
The economist John Maynard Keynes, known for Keynesian theories, belonged to ( Easy Economics mcq for Class 11 PDF )
a) Sweden
b) Denmark
c) Australia
d) England
Option d – England
Which of the following is a drawback of privatisation? ( Easy Economics mcq for Class 11 PDF )
a) Growth of bureaucracy and efficiency in public enterprises
b) Heavy government interference in private industries
c) Limited access to essential services for weaker sections
d) Decline in competition and innovation
Option c – Limited access to essential services for weaker sections
The economist who emphasised entitlements, freedoms, and rights over just Income and utility is ( Easy Economics mcq for Class 11 PDF )
a) Adam Smith
b) Amartya Sen
c) Robert Lucas
d) Milton Friedman
Option b – Amartya Sen
Goods that require further processing before reaching the final consumer are called ( Easy Economics MCQ for Class 11 PDF )
a) Consumer durable goods
b) Intermediate goods
c) Finished goods
d) Capital goods
Option b – Intermediate goods
The system in which goods themselves serve as a medium of exchange is known as ( Easy Economics MCQ for Class 11 PDF )
a) Online exchange
b) Credit exchange
c) Barter exchange
d) Currency exchange
Option c – Barter exchange
A person who enjoys public goods without paying for them is referred to as ( Easy Economics MCQ for Class 11 PDF )
a) Non-excludable
b) Free rider
c) Private good
d) Rivalrous
Option b – Free rider
We covered all the Easy Economics MCQ for Class 11 above in this post for free so that you can practice well for the exam.
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