Bihar Board 12th Business Economics Objective Important Questions Part 2
Bihar Board 12th Business Economics Objective Important Questions Part 2
Question 1.
Which type of economy has to face the basic economic problem?
(a) Capitalistic
(b) Socialistic
(c) Mixed
(d) Every
Answer:
(d) Every
Question 2.
All economic problems are due to:
(a) Unlimited wants
(b) Limited means
(c) Different priorities
(d) All of these
Answer:
(d) All of these
Question 3.
Which one is the characteristic of wealth?
(a) Utility
(b) Scarcity
(c) Exchangeability
(d) All of these
Answer:
(d) All of these
Question 4.
What is the central problem of an economy?
(a) Allocation of resources
(b) Optimum use of resources
(c) Economic development
(d) None of these
Answer:
(d) None of these
Question 5.
The production possibility curve slopes:
(a) from below to above
(b) from right to left
(c) from left to right
(d) from above to below
Answer:
(b) from right to left
Question 6.
A country development depends:
(a) Capital resource
(b) Size of market
(c) Natural mines
(d) All of these
Answer:
(d) All of these
Question 7.
The main objective of a socialist economy:
(a) To earn profit
(b) Cut-throat competition
(c) Control free economy
(d) Maximum social welfare
Answer:
(d) Maximum social welfare
Question 8.
Consumer’s behaviour is studied in:
(a) Micro economics
(b) Macro economics
(c) (a) and (b) both
(d) None of the above
Answer:
(a) Micro economics
Question 9.
Utility is measured by:
(a) Exchange of commodities
(b) Sale of commodity
(c) By Money
(d) None of these
Answer:
(c) By Money
Question 10.
Law of equi-marginal utility is propounded by
(a) Gossen
(b) Pigou
(c) Adam Smith
(d) Ricardo
Answer:
(a) Gossen
Question 11.
We calculate Marginal utility as:
(a)
(b)
(c)
(d)
Answer:
(a)
Question 12.
When Total Utility (TU) becomes maximum then marginal utility is:
(a) Positive
(b) Negative
(c) Zero
(d) None of these
Answer:
(b) Negative
Question 13.
Indifference curve is:
(a) Convex to the origin
(b) Concave to the origin
(c) Both (a) and (b)
(d) All of these
Answer:
(a) Convex to the origin
Question 14.
Who gave the cardinal concept of utility?
(a) Marshall
(b) Pigou
(c) Hicks
(d) Ricardo
Answer:
(a) Marshall
Question 15.
As a consumer you will:
(a) Maximize utility
(b) Purchase more and more commodity
(c) Reduce production cost
(d) Not like purchase commodity
Answer:
(a) Maximize utility
Question 16.
For demand it is essential:
(a) Willing for commodity
(b) Resource
(c) Will to spend
(d) All of these
Answer:
(d) All of these
Question 17.
When price of a commodity decreases then:
(a) Demand increases
(b) Demand decreases
(c) Demand constant
(d) Demand increases and also decreases
Answer:
(a) Demand increases
Question 18.
The type of giffen good is:
(a) Special
(b) Superior
(c) Normal
(d) Inferior
Answer:
(d) Inferior
Question 19.
The relationship between demand and price is:
(a) Inverse
(b) Direct
(c) both (a) and (b)
(d) None of these
Answer:
(a) Inverse
Question 20.
The law of demand express:
(a) The relationship between quantity demand and price of commodities
(b) Price relationship of two commodities
(c) The relationship between consumer’s income and quantity demanded
(d) None of these
Answer:
(a) The relationship between quantity demand and price of commodities
Question 21.
The law of demand not applicable on:
(a) Comfort goods
(b) Luxury goods
(c) Necessities
(d) Inferior goods
Answer:
(d) Inferior goods
Question 22.
The law of demand is not applicable when:
(a) Price of other commodities changes
(b) Quality of commodity changes
(c) Change in fashion
(d) All of these
Answer:
(d) All of these
Question 23.
Demand for any commodity is affected from:
(a) Utility
(b) Productivity
(c) Profitability
(d) None of these
Answer:
(d) None of these
Question 24.
When price of coffee increase the demand for tea
(a) increases
(b) decreases
(c) Unchanged
(d) None of these
Answer:
(a) increases
Question 25.
Due to increase in Patrol the demand for car will:
(a) Increase
(b) Decrease
(c) Keep constant
(d) No effect
Answer:
(b) Decrease
Question 26.
Due to increase in pride of apple the demand for apple will:
(a) Decreases
(b) Extend
(c) Increase
(d) No effect
Answer:
(a) Decreases
Question 27.
Increase in the demand for wages due to industrial development is an example of:
(a) Income demand
(b) Cross demand
(c) Derived demand
(d) Competitive demand
Answer:
(c) Derived demand
Question 28.
In short period there is no change in ……….. factors:
(a) Fixed
(b) Variable
(c) Human
(d) Physical
Answer:
(a) Fixed
Question 29.
Modern economics have propounded the law of ………..:
(a) Increasing Return
(b) Decreasing Return
(c) Constant Return
(d) Variable Proportion
Answer:
(d) Variable Proportion
Question 30.
In the ……….. Change in all factors of production is possible:
(a) Short period
(b) Long period
(c) Intermediate period
(d) Market period
Answer:
(b) Long period
Question 31.
If marginal product goes on decreasing it should be understood that law of ……….. is in operation:
(a) Increasing cost
(b) Decreasing cost
(c) Constant cost
(d) Average cost
Answer:
(b) Decreasing cost
Question 32.
Supply means……………..:
(a) Quantity of goods produced
(b) Stock of goods produced
(c) Quantity of goods available for sale
(d) Total of produced and import goods
Answer:
(b) Stock of goods produced
Question 33.
Supply curve presents ………..:
(a) price of the commodity
(b) supply of the commodity
(c) relationship between price and supply of the commodity
(d) demand of the commodity
Answer:
(c) relationship between price and supply of the commodity
Question 34.
Seller is generally not willing to sell commodity below ………..:
(a) Reserve price
(b) Average price
(c) Marginal price
(d) Neither of above
Answer:
(a) Reserve price
Question 35.
……….. increases and decreases with the volume of output:
(a) Fixed cost
(b) Variable cost
(c) Total cost
(d) Monetary cost
Answer:
(b) Variable cost
Question 36.
Wage is ……….. cost of production:
(a) Fixed
(b) Variable
(c) Opportunity
(d) Marginal
Answer:
(b) Variable
Question 37.
Revenue received from the sale of additional unit is termed as ………..
(a) Marginal revenue
(b) Average revenue
(c) Total revenue
(d) Profit
Answer:
(a) Marginal revenue
Question 38.
If the law of diminishing return is in operation average cost ………..:
(a) Decreases
(b) Increases
(c) Remain constant
(d) Decreases
Answer:
(b) Increases
Question 39.
In ……….. market goods are sold at uniform price:
(a) Perfect competition
(b) Monopoly
(c) Oligopoly
(d) Duopoly
Answer:
(a) Perfect competition
Question 40.
The demand curve of monopoly is ………..:
(a) Inelastic
(b) Elastic
(c) Perfectly elastic
(d) Perfectly inelastic
Answer:
(b) Elastic
Question 41.
A monopolist will determine very ……….. price for a commodity having inelastic demand:
(a) High
(b) Low
(c) Normal
(d) None of the above
Answer:
(a) High
Question 42.
……….. plays a dominate role in determining equilibrium price in short period:
(a) Demand
(b) Supply
(c) Demand and Supply
(d) None of the above
Answer:
(a) Demand
Question 43.
Normal price is fixed in the ……….. period:
(a) Market period
(b) Short run
(c) Long run
(d) Very long run
Answer:
(c) Long run
Question 44.
The concept of equilibrium price is ………..:
(a) Theoretical
(b) Practical
(c) Theoretical and practical both
(d) Neither theoretical nor practical
Answer:
(a) Theoretical
Question 45.
The law of demand is:
(a) Quantitative concept
(b) Qualitative concept
(c) (a) and (b)
(d) None of the above
Answer:
(b) Qualitative concept
Question 46.
The elasticity of demand of necessary good is:
(a) Zero
(b) Unlimited
(c) More than unity
(d) Less than unity
Answer:
(a) Zero
Question 47.
Which economist has given the time element factor in price determination:
(a) Pigou
(b) Ricardo
(c) Marshall
(d) J.KI. Mehta
Answer:
(c) Marshall
Question 48.
Market price exists in:
(a) Short period market
(b) Long period market
(c) Very long period market
(d) None of these
Answer:
(a) Short period market
Question 49.
In perfect competition the firms:
(a) Determining the prices
(b) Accepting the prices
(c) (a) and (b) both
(d) None of these
Answer:
(b) Accepting the prices
Question 50.
In very short period the supply will be:
(a) Perfectly elastic
(b) Perfectly inelastic
(c) Elastic
(d) None of these
Answer:
(b) Perfectly inelastic