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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.
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Mock Test on Government Budget for Class 12 Students
Private ownership of the means of production is a feature of a ………. economy.
(a) capitalist
(b) socialist
(c) mixed
(d) dual
Option a – capitalist
The growth of resources in an economy is shown in Production Possibility by
(a) Leftward shift
(b) Rightward shift
(c) Unchanged
(d) None of the above
Option b – Rightward shift
According to the law of diminishing marginal utility, as the amount of a good consumed increases, the marginal utility of that good tends to
(a) improve
(b) diminish
(c) remain constant
(d) first, diminish and then improve
Option b – diminish
The value of the slope of a normal demand curve is
(a) positive
(b) negative
(c) zero
(d) infinity
Option b – negative
Which of the following deals with microeconomics analysis?
(a) General price level
(b) General Supply
(c) Market demand
(d) Consumer demand
Option d – Consumer demand
The production function of a firm will change whenever.
(a) input price changes.
(b) the firm employs more of any input.
(c) the firm increases its level of output.
(d) the relevant technology changes.
Option a – input price changes
Which one of the following is not correct?
(a) The average revenue and marginal revenue curves of a perfectly competitive firm are perfectly elastic.
(b) The marginal revenue curve of the monopoly firm is above its average revenue curve.
(c) In the long run, a competitive firm earns only normal profits.
(d) In equilibrium, the marginal cost curve of the monopoly firm may be rising, falling, or constant.
Option b – The marginal revenue curve of the monopoly firm is above its average revenue curve
One criticism of Rostow’s Theory of Economic Growth is that
(a) much available data contradicts his thesis about the take-off stage.
(b) there is no explanation for why growth occurs after take-off.
(c) his hypothesis of stages of growth is difficult to test empirically.
(d) All of the above are correct
Option d – All of the above are correct
Zero price elasticity of demand means
(a) whatever the change in price, there is absolutely no change in demand.
(b) for a small change in price, there is a small change in demand.
(c) for a small change in price, there is a large change in demand.
(d) for a large change in price, there is a small change in demand.
Option a – whatever the change in price, there is absolutely no change in demand
Which one among the following pairs is not correctly matched?
(a) When the total product increases at an increasing rate – Marginal product increases
(b) When total product increases at a diminishing rate – Marginal product declines
(c) When the total product reaches its maximum – The marginal product becomes zero
(d) When the total product begins to decline – The marginal product becomes positive
Option d – When the total product begins to decline – The marginal product becomes positive
According to the Law of Diminishing Returns, in a production function, when more and more units of the variable factor are used, holding the quantities of a fixed factor constant, a point is reached beyond which
(a) the marginal revenue will diminish.
(b) the average revenue will diminish.
(c) the marginal product will diminish.
(d) the marginal product will increase.
Option c – the marginal product will diminish
The law of increasing returns means
(a) increasing cost
(b) decreasing cost
(c) increasing production
(d) increasing income
Option a – increasing cost
Which one of the following is an example of a Price-ceiling?
(a) Fares charged by Airlines in India.
(b) The price is printed on biscuit packets.
(c) The minimum support price for cane growers.
(d) Minimum wages are fixed by State governments.
Option b – The price is printed on biscuit packets
According to Simple Keynesian theory, the slope of the aggregate consumption curve against income is
(a) Positive
(b) Negative
(c) Zero
(d) Infinity
Option a – Positive
John Maynard Keynes, best known for his economic theory (Keynesian economics), hailed from which country?
(a) Sweden
(b) Denmark
(c) Australia
(d) England
Option d – England
The price of a commodity is the same as
(a) average revenue
(b) total cost
(c) average cost
(d) total revenue
Option a – average revenue
Income and consumption are
(a) inversely related
(b) directly related
(c) partially related
(d) unrelated related
Option b – directly related
The minimum payment of the factor of production is called
(a) quasi rent
(b) rent
(c) wages
(d) transfer payments
Option d – transfer payments
The demand in economics means
(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 is the price when
(a) supply is greater than demand.
(b) supply is less than demand.
(c) demand is very high.
(d) supply is equal to demand.
Option d – supply is equal to demand
Barter Transaction means.
(a) goods are exchanged for gold
(b) coins are exchanged for good
(c) money acts as a medium of exchange
(d) goods are exchanged with goods
Option d – goods are exchanged with goods
Who is renowned as the ‘Father of Modern Economics’?
(a) Adam Smith
(b) Marshal
(c) Keynes
(d) Robins
Option a – Adam Smith
Who is the writer of the book ‘Wealth of Nations’?
(a) Adam Smith
(b) Marshal
(c) Pigow
(d) Keynes
Option a – Adam Smith
The main emphasis of Keynesian economics is on
(a) expenditure
(b) exchange
(c) foreign trade
(d) taxation
Option a – expenditure
Who coined the concept of the ‘Paradox of Thrift’?
(a) Adam Smith
(b) Alfred Marshall
(c) John Maynard Keynes
(d) Paul A 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.
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