Economics Chapter 2 Class 10 MCQ

Questions

    Economics Chapter 2 Class 10 MCQ. We covered all the Economics Chapter 2 Class 10 MCQ in this post for free so that you can practice well for the exam.

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    MCQ on Economics for Students

    Quick Quiz

    The factor connected with exchange is:

    (a) Production

    (b) Markets

    (c) Consumption

    (d) Distribution

    Option b – Markets

    Human wants are generally:

    (a) Limited

    (b) Unlimited

    (c) Easily fulfilled

    (d) Absent

    Option b – Unlimited

    Which of the following is classified as a private good?

    (a) Library

    (b) Radio

    (c) Rail

    (d) Park

    Option c – Rail

    Identify the option that is not a luxury item:

    (a) Air journey

    (b) Air conditioner

    (c) Clothes

    (d) Cinema

    Option c – Clothes

    Items that directly fulfill human needs are known as:

    (a) Consumer goods

    (b) Capital goods

    (c) Intermediate goods

    (d) None of the above

    Option a – Consumer goods

    For a postman, a bicycle is considered a:

    (a) Luxury

    (b) Necessity

    (c) Comfort

    (d) None of these

    Option b – Necessity

    Elements necessary for producing goods are:

    (a) Factors of production

    (b) Industrialists

    (c) Government

    (d) Markets

    Option a – Factors of production

    National income refers to:

    (a) The annual income of a country

    (b) The country’s monthly income

    (c) Income of all states

    (d) Yearly income of a person

    Option a – The annual income of a country

    Small-scale industries generally manufacture:

    (a) Rails

    (b) Dams

    (c) Bags

    (d) Cinema halls

    Option c – Bags

    The services of doctors are primarily used by:

    (a) Students

    (b) Patients

    (c) Government officials

    (d) Senior citizens

    Option b – Patients

    Farmers usually produce:

    (a) Oil seeds

    (b) Iron ore

    (c) Cement

    (d) Infrastructure projects

    Option a – Oil seeds

    To manage population growth, it is vital to implement:

    (a) Land reforms

    (b) Urban development projects

    (c) Family planning

    (d) Increase in per capita income

    Option c – Family planning

    The tool used to assess poverty levels is:

    (a) Poverty line

    (b) Market system

    (c) National income

    (d) Per capita income

    Option a – Poverty line

    For per capita income to rise alongside national income, the population should:

    (a) Increase

    (b) Decrease

    (c) Remain unchanged

    (d) Be minimal

    Option b – Decrease

    What was the Net National Product (NNP) in 2002-2003?

    (a) ₹20,03,282

    (b) ₹15,90,212

    (c) ₹17,04,719

    (d) ₹25,31,223

    Option a – ₹20,03,282

    A key factor in enhancing skill and productivity is:

    (a) Environment

    (b) Fertile housing

    (c) Health

    (d) Education

    Option d – Education

    Indian villages before British rule were:

    (a) Self-sufficient

    (b) Dependent on external aid

    (c) Not self-reliant

    (d) Lacking development in all areas

    Option a – Self-sufficient

    The theory of Economic Drain was proposed by:

    (a) Dadabhai Naoroji

    (b) D.R. Gadgil

    (c) Sen Gupta

    (d) P.C. Mahalanobis

    Option b – D.R. Gadgil

    Who authored the book Poverty of India?

    (a) T.T. Krishnamachari

    (b) Adam Smith

    (c) John Maynard Keynes

    (d) Dadabhai Naoroji

    Option d – Dadabhai Naoroji

    What percentage of India’s population relies on agriculture?

    (a) 55%

    (b) 60%

    (c) 64%

    (d) 70%

    Option d – 70%

    The handloom industry falls under which category?

    (a) Automobile sector

    (b) Handloom sector

    (c) Chemical industry

    (d) Engineering goods manufacturing

    Option b – Handloom sector

    The southwest monsoon typically occurs in:

    (a) January to May

    (b) June to September

    (c) October to December

    (d) March to June

    Option b – June to September

    One of the major states for rice production is:

    (a) Kerala

    (b) Andhra Pradesh

    (c) Gujarat

    (d) Punjab

    Option b – Andhra Pradesh

    The Zamindari land system was brought in by:

    (a) Lord Cornwallis

    (b) Robert Clive

    (c) Lord William Bentinck

    (d) Lord Dalhousie

    Option a – Lord Cornwallis

    The Mahalwari land system was practiced in:

    (a) Coorg

    (b) Agra

    (c) Odisha

    (d) Andhra Pradesh

    Option b – Agra

    Identify the primary Kharif crop:

    (a) Rice

    (b) Wheat

    (c) Millets

    (d) Groundnut

    Option a – Rice

    Which of the following is considered unearned income?

    (a) Income from property

    (b) Daily wages

    (c) Money earned through hard work

    (d) Monthly salary

    Option a – Income from property

    What type of economic system does India follow?

    (a) Capitalist economy

    (b) Mixed economy

    (c) Socialist economy

    (d) None of the above

    Option b – Mixed economy

    An economy where both public and private sectors function is known as:

    (a) Socialist economy

    (b) Capitalist economy

    (c) Mixed economy

    (d) None of these

    Option c – Mixed economy

    Which country follows a socialist economic model?

    (a) USA

    (b) UK

    (c) India

    (d) China

    Option d – China

    Who introduced the classification of Economics?

    (a) Adam Smith

    (b) Ragner Frisch

    (c) Amartya Sen

    (d) Marshall

    Option b – Ragner Frisch

    Macroeconomics primarily focuses on:

    (a) Price theory

    (b) Profit and loss

    (c) Social welfare

    (d) National income

    Option d – National income

    Which economist described economics as the study of wealth?

    (a) Ricardo

    (b) Robbins

    (c) Adam Smith

    (d) Amartya Sen

    Option c – Adam Smith

    Which subject is considered the queen of social sciences?

    (a) Economics

    (b) History

    (c) Civics

    (d) Geography

    Option c – Civics

    Which of the following is not a factor of production?

    (a) Land

    (b) Labour

    (c) Car

    (d) Capital

    Option c – Car

    What does ‘Capital’ refer to in economics?

    (a) Natural resources

    (b) Goods and services

    (c) Organization

    (d) Buildings and machinery

    Option d – Buildings and machinery

    What type of utility is added when a shirt is stitched?

    (a) Form utility

    (b) Time utility

    (c) Collective utility

    (d) Place utility

    Option a – Form utility

    In India’s Union Budget, which expenditure has the highest allocation?

    (a) Plan expenditure

    (b) Non-plan expenditure

    (c) Revenue expenditure

    (d) Capital expenditure

    Option c – Revenue expenditure

    What is the main economic impact of deficit financing?

    (a) Reduction in taxes

    (b) Increase in wages

    (c) Rise in money supply

    (d) Drop in money supply

    Option c – Rise in money supply

    Identify the components of internal debt:

    (a) Market borrowing only

    (b) Market borrowing and Treasury bills

    (c) Treasury bills only

    (d) Market borrowing, Treasury bills, and securities to RBI

    Option d – Market borrowing, Treasury bills, and securities to RBI

    When fiscal deficit is reduced by interest payments, the result is:

    (a) Deficit financing

    (b) Budget deficit

    (c) Fiscal deficit

    (d) Primary deficit

    Option d – Primary deficit

    Fiscal deficit is defined as: ( Economics Chapter 2 Class 10 MCQ )

    (a) Total expenditure minus total of revenue receipts, loan recovery, and disinvestment receipts

    (b) Total expenditure minus total receipts

    (c) Total expenditure minus revenue receipts and disinvestment

    (d) Total expenditure minus disinvestment receipts

    Option a – Total expenditure minus total of revenue receipts, loan recovery, and disinvestment receipts

    In the current account of the central budget, the largest expenditure item is:

    (a) Defence spending

    (b) Subsidies

    (c) Interest payments

    (d) Social sector expenses

    Option c – Interest payments

    Recently, the largest portion of public spending in the Union Budget has gone to: ( Economics Chapter 2 Class 10 MCQ )

    (a) Defence

    (b) Interest payments

    (c) Major subsidies

    (d) Capital investment

    Option b – Interest payments

    Which deficit makes up the largest part of India’s budget gap?

    (a) Primary deficit

    (b) Fiscal deficit

    (c) Revenue deficit

    (d) Budgetary deficit

    Option b – Fiscal deficit

    Which deficit significantly contributes to India’s overall budget deficit? ( Economics Chapter 2 Class 10 MCQ )

    (a) Revenue deficit

    (b) Budgetary deficit

    (c) Fiscal deficit

    (d) Primary deficit

    Option c – Fiscal deficit

    The fast expansion of cities is known as: ( Economics Chapter 2 Class 10 MCQ )

    (a) Urbanisation

    (b) Civilization

    (c) Ruralisation

    (d) None of these

    Option a – Urbanisation

    The Mahalanobis Committee focused on:

    (a) Income distribution and living standards

    (b) Forest conservation

    (c) Panchayat Raj

    (d) Wildlife preservation

    Option a – Income distribution and living standards

    What is a key characteristic of rainfall in India?

    (a) Not evenly distributed

    (b) Inadequate for farming

    (c) Uniform across the country

    (d) Causes floods in the northeast

    Option a – Not evenly distributed

    Which social group was legally privileged under British rule?

    (a) Collectors

    (b) Revenue officials

    (c) Zamindars

    (d) None of the above

    Option c – Zamindars

    Which system involves individuals owning separate and independent plots of land? ( Economics Chapter 2 Class 10 MCQ )

    a. Zamindari system

    b. Mahalwari system

    c. Ryotwari system

    d. Community system

    Option c – Ryotwari system

    In which land revenue system did a group of dominant families collectively own village land?

    a. Mahalwari system

    b. Zamindari system

    c. Ryotwari system

    d. None of the above

    Option a – Mahalwari system

    What is the main cause of income inequality?

    a. Property ownership

    b. High education levels

    c. Monthly salaries

    d. Daily wages

    Option a – Property ownership

    What was the goal behind eliminating the Zamindari system and similar landholding methods? ( Economics Chapter 2 Class 10 MCQ )

    a. Return land to the previous owner

    b. Give land back to the one who cultivates it

    c. Transfer land to the government

    d. Make land public property

    Option b – Give land back to the one who cultivates it

    What was the rural population of India in 1991, in millions? ( Economics Chapter 2 Class 10 MCQ )

    a. 524

    b. 710

    c. 439

    d. 629

    Option d – 629

    What do we call the income generated from owning assets like land or property?

    a. Earned income

    b. Unearned income

    c. Received income

    d. Mixed income

    Option b – Unearned income

    Which country follows a socialist model of economy? ( Economics Chapter 2 Class 10 MCQ )

    a. USA

    b. UK

    c. India

    d. China

    Option d – China

    What does the Lorenz Curve represent? ( Economics Chapter 2 Class 10 MCQ )

    a. Income inequality in a country

    b. Proportion of people below the poverty line

    c. Population growth rate

    d. Literacy rate statistics

    Option a – Income inequality in a country

    If private individuals control the production resources, what type of economy is it?

    a. Joint sector

    b. Mixed economy

    c. Socialist economy

    d. Capitalist economy

    Option d – Capitalist economy

    Which category includes China and the countries of Eastern Europe? ( Economics Chapter 2 Class 10 MCQ )

    a. Capitalist economy

    b. Mixed economy

    c. Socialist economy

    d. None of these

    Option c – Socialist economy

    When did the East India Company gain political power in India? ( Economics Chapter 2 Class 10 MCQ )

    a. 1600

    b. 1775

    c. 1757

    d. 1737

    Option c – 1757

    What is the term for income earned through work or services?

    a. Earned income

    b. Unearned income

    c. National product

    d. GNP per capita

    Option a – Earned income

    How is the Indian economy best described?

    a. Mixed economy

    b. Capitalistic economy

    c. Socialistic economy

    d. None of these

    Option a – Mixed economy

    In which system are prices determined by supply and demand? ( Economics Chapter 2 Class 10 MCQ )

    a. Capitalist economic system

    b. Socialist economy system

    c. Communist economic system

    d. Mixed economic system

    Option a – Capitalist economic system

    What is the per capita income threshold for high-income countries?

    a. Below $765

    b. $890

    c. More than $9386

    d. More than $10,000

    Option c – More than $9386

    A nation’s development is mainly measured by: ( Economics Chapter 2 Class 10 MCQ )

    a. Gross National Product

    b. Net National Product

    c. Per Capita Income

    d. Trade Balance

    Option c – Per Capita Income

    What defines poverty?

    a. Low crop yield

    b. Rising prices

    c. Low industrial output

    d. Inability to meet basic needs

    Option d – Inability to meet basic needs

    When a person lacks access to the minimum necessary food, it is called: ( Economics Chapter 2 Class 10 MCQ )

    a. Relative poverty

    b. Absolute poverty

    c. Poverty line

    d. Voluntary poverty

    Option b – Absolute poverty

    Which of the following is a poverty eradication initiative?

    a. State Finance Corporation Scheme

    b. National Literacy Program

    c. Green Revolution

    d. Integrated Rural Development Programme

    Option d – Integrated Rural Development Programme

    Disguised unemployment is most common in which sector? ( Economics Chapter 2 Class 10 MCQ )

    a. Industries

    b. Small scale units

    c. Agriculture

    d. Trade and Commerce

    Option c – Agriculture

    According to the National Sample Survey, how many hours per week classifies underemployment?

    a. 25 hours

    b. 42 hours

    c. 18 hours

    d. 14 hours

    Option d – 14 hours

    Which of these is a port city in India?

    a. Hyderabad

    b. Nagpur

    c. Kolkata

    d. Ahmedabad

    Option c – Kolkata

    Which state ranks highest in agricultural development?

    a. Haryana

    b. Andhra Pradesh

    c. Punjab

    d. Himachal Pradesh

    Option c – Punjab

    Which state leads in industrial development?

    a. Maharashtra

    b. West Bengal

    c. Gujarat

    d. Rajasthan

    Option a – Maharashtra

    Which country operates under a capitalist economy? ( Economics Chapter 2 Class 10 MCQ )

    a. USA

    b. Russia

    c. China

    d. India

    Option a – USA

    Which country follows a mixed economy system?

    a. USA

    b. Russia

    c. India

    d. England

    Option c – India

    What type of economy does India primarily have?

    a. Agricultural economy

    b. Industrial economy

    c. Export-oriented economy

    d. Socialist economy

    Option a – Agricultural economy

    In the 17th and 18th centuries, who was a major importer of Indian goods?

    a. Africa

    b. South America

    c. Australia

    d. Europe

    Option d – Europe

    Where did the Industrial Revolution begin?

    a. Italy

    b. England

    c. France

    d. Germany

    Option b – England

    Why did India remain underdeveloped? ( Economics Chapter 2 Class 10 MCQ )

    a. Dependence on agriculture

    b. Lack of industries

    c. Raw material shortages

    d. Lack of mineral resources

    Option a – Dependence on agriculture

    Which of the following states is among the top wheat producers in India? ( Economics Chapter 2 Class 10 MCQ )

    a. Andhra Pradesh

    b. Gujarat

    c. Punjab

    d. Maharashtra

    Option c – Punjab

    We covered all the economics chapter 2 class 10 MCQ above in this post for free so that you can practice well for the exam.

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