Quick Quiz
Questions ▼
Government Budget Class 12 mcq. We covered all the Government Budget Class 12 mcq in this post for free so that you can practice well for the exam.
Install our MCQTUBE Android App from the Google Play Store and prepare for any competitive government exams for free.
These types of competitive mcqs appear in the exams like UPSC, State PCS, CDS, NDA, Assistant Commandant, SSC, Railway, Bank, Delhi Police, UPSSC, and other Competitive Examinations, etc.
We created all the competitive exam mcqs into several small posts on our website for your convenience.
You will get their respective links in the related posts section provided below.
Related Posts:
Mock test on Government Budget for Class 12 Students
Private ownership of the means of production is a characteristic feature of which type of Economy?
a) Capitalist
b) Socialist
c) Mixed
d) Dual
Option a – Capitalist
Expansion of resources in an Economy is represented on the Production Possibility Curve by a
a) Leftward shift
b) Rightward shift
c) No change
d) None of these
Option b – Rightward shift
According to the law of diminishing marginal utility, as more units of a commodity are consumed, its marginal utility
a) Increases
b) Decreases
c) Remains unchanged
d) First decreases, then increases
Option b – Decreases
The slope of a normal demand curve is
a) Positive
b) Negative
c) Zero
d) Infinite
Option b – Negative
Which of the following comes under the scope of microeconomics?
a) General price level
b) Aggregate supply
c) Market demand
d) Consumer demand
Option d – Consumer demand
The production function of a firm is likely to change when
a) Input prices vary
b) The firm employs more inputs
c) Output levels increase
d) The Technology in use is altered
Option a – Input prices vary
Which one of the following statements is incorrect?
a) In perfect competition, AR and MR curves are perfectly elastic
b) The MR curve of a monopoly lies above its AR curve
c) In the long run, competitive firms earn only normal profit
d) Under monopoly, MC at equilibrium can be rising, falling, or constant
Option b – The MR curve of a monopoly lies above its AR curve
Which of the following is a criticism of Rostow’s stages of economic growth theory?
a) Data do not always support his concept of the take-off stage
b) It fails to explain growth after the take-off phase
c) His stages of growth are difficult to verify empirically
d) All the above
Option d – All the above
Zero elasticity of demand indicates that
a) Change in price has no effect on demand
b) A small change in price causes a small change in demand
c) A small change in price causes a large change in demand
d) A large change in price leads to a small change in demand
Option a – Change in price has no effect on demand
Which of the following pairs is incorrectly matched?
a) When total product rises at an increasing rate – Marginal product rises
b) When total product increases at a decreasing rate – Marginal product falls
c) When total product reaches maximum – Marginal product is zero
d) When total product declines – Marginal product is positive
Option d – When total product declines – Marginal product is positive
As per the law of diminishing returns, when variable factors are increased while keeping fixed factors constant, eventually
a) Marginal revenue falls
b) Average revenue falls
c) Marginal product falls
d) Marginal product rises
Option c – Marginal product falls
The law of increasing returns implies
a) Rising cost
b) Falling cost
c) Rising production
d) Rising Income
Option a – Rising cost
Which of the following illustrates a price ceiling?
a) Airline ticket prices in India
b) Printed price on packaged biscuits
c) Minimum support price for sugarcane
d) Minimum wages fixed by states
Option b – Printed price on packaged biscuits
In simple Keynesian theory, the slope of the consumption curve with respect to Income is
a) Positive
b) Negative
c) Zero
d) Infinite
Option a – Positive
John Maynard Keynes, known for Keynesian Economics, belonged to
a) Sweden
b) Denmark
c) Australia
d) England
Option d – England
The price of a commodity corresponds to
a) Average revenue
b) Total cost
c) Average cost
d) Total revenue
Option a – Average revenue
The relationship between Income and consumption is
a) Inverse
b) Direct
c) Partial
d) Unrelated
Option b – Direct
The minimum return earned by a factor of production is known as
a) Quasi rent
b) Rent
c) Wages
d) Transfer payment
Option d – Transfer payment
In Economics, demand refers to
a) Aggregate demand
b) Market demand
c) Individual demand
d) Demand backed by purchasing power
Option d – Demand backed by purchasing power
The equilibrium price of a product is the level at which
a) Supply exceeds demand
b) Supply falls short of demand
c) Demand is very high
d) Supply equals demand
Option d – Supply equals demand
A barter system refers to
a) Exchange of goods for gold
b) Exchange of coins for goods
c) Money acting as a medium of exchange
d) Exchange of goods for goods
Option d – Exchange of goods for goods
Who is known as the “Father of Modern Economics”?
a) Adam Smith
b) Alfred Marshall
c) John Maynard Keynes
d) Lionel Robbins
Option a – Adam Smith
The author of the book Wealth of Nations is
a) Adam Smith
b) Alfred Marshall
c) Arthur Pigou
d) John Maynard Keynes
Option a – Adam Smith
Keynesian Economics primarily focuses on
a) Expenditure
b) Exchange
d) Taxation
Option a – Expenditure
Who introduced the concept of the “Paradox of Thrift”?
a) Adam Smith
b) Alfred Marshall
c) John Maynard Keynes
d) Paul Samuelson
Option a – Adam Smith
We covered all the government budget Class 12 mcq above in this post for free so that you can practice well for the exam.
Check out the latest mcq content by visiting our mcqtube website homepage.
Also, check out:
