SikhLo - Current Affairs in Hindi, Daily current affairs, Current affairs

 Bihar Board 12th Business Economics Objective Important Questions Part 1

Bihar Board 12th Business Economics Objective Important Questions Part 1

Question 1.
The subject matter of economics is being studied under which branches
(a) Micro Economic
(b) Macro Economics
(c) Above two
(d) None of the above
Answer:
(b) Macro Economics

Question 2.
On the basis of the ownership of the resources, economies are
(a) Centrally planned economy
(b) Market economy
(c) Mixed economy
(d) All of the above
Answer:
(d) All of the above

Question 3.
Which are the central problems of an economy?
(a) Allocation of resources
(b) Best use of resources
(c) Economic development
(d) All of the above
Answer:
(d) All of the above

Question 4.
Macro Economics studies
(a) Full employment
(b) Aggregate price level
(c) Gross National Product
(d) All of the above
Answer:
(d) All of the above

Question 5.
This is required for a budget set
(a) Collection of bundles
(b) Prevailing market price
(c) Total income of the consumer
(d) All of the above
Answer:
(d) All of the above

Question 6.
In diminishing rate of substitution
(a) more of goods 1
(b) less of goods 2
(c) more of both 1 and 2
(d) (a) and (b) both
Answer:
(d) (a) and (b) both

Question 7.
Consumer behaviour is studied in
(a) Micro Economics
(b) Macro Economics
(c) Income theory
(d) None of the above
Answer:
(a) Micro Economics

Question 8.
Slope of the budget line is
(a) −PxPy
(b) −PyPx
(c) +PyPx
(d) None of the above
Answer:
(a) −PxPy

Question 9.
Indifference curve is
(a) Concave to the origin
(b) Convex to the origin
(c) Both the above true
(d) Both the above false
Answer:
(b) Convex to the origin

Question 10.
The slope of the demand curve is
(a) left to right downward
(b) left to right upward
(c) parallel to x-axis
(d) None of the above
Answer:
(a) left to right downward

Question 11.
Demand function is expressed by which equation?
(a) Px
(b) Dx = Px
(c) Dx = f(Px)
(d) None of the above
Answer:
(c) Dx = f(Px)

Question 12.
Short run production function is explained by which law?
(a) By the law of demand
(b) By law of variable proportions
(c) By law of returns to scale
(d) By elasticity of demand
Answer:
(b) By law of variable proportions

Question 13.
Tick the correct in the following
(a) TVC = TC – TFC
(b) TC = TVC – TFC
(c) TFC = TVC + TC
(d) TC = TVC • TFC
Answer:
(a) TVC = TC – TFC

Question 14.
MR is expressed as
(a) ΔTRΔQ
(b) TRQ
(c) ΔARQ
(d) None of the above
Answer:
(b) TRQ

Question 15.
In monopoly and monopolistic condition
(a) AR = MR
(b) AR > MR
(c) AR < MR
(d) None of the above
Answer:
(b) AR > MR

Question 16.
In every market situation which condition is necessary to be fulfilled for a firm’s equilibrium?
(a) AR = MC
(b) MR = MC
(c) MC curve should cut the MR curve from below
(d) (b) and (c) both
Answer:
(d) (b) and (c) both

Question 17.
Which of the following statement is true?
(a) There is direct relationship between the price of a commodity and its Supply
(b) Supply curve moves left to right upward
(c) Supply is affected by many factors
(d) All of the above
Answer:
(d) All of the above

Question 18.
If the price of a commodity rises by 40% but the supply increases by only 15% supply of such commodity would be
(a) Excessive elastic
(b) Elastic
(c) Inelastic
(d) Completely inelastic
Answer:
(c) Inelastic

Question 19.
In equilibrium position
(a) The amount to be sold is equal to the amount to be purchased
(b) Market supply is equal to market demand
(c) Neither the firm nor the consumer wants to be destabilised
(d) All of the above
Answer:
(d) All of the above

Question 20.
Every firm uses labour up to the point
(a) Where labour’s marginal productivity is equal to the wage rate
(b) Where labour’s marginal productivity is less than the wage rate
(c) Where labour’s marginal productivity is more than the wage rate
(d) None of the above
Answer:
(c) Where labour’s marginal productivity is more than the wage rate

Question 21.
In which market product differentiation is found?
(a) Pure competition
(b) Perfect competition
(c) Monopoly
(d) Monopolistic competition
Answer:
(c) Monopoly

Question 22.
Government decides “Price ceiling”
(a) On necessary goods
(b) Which is less than the price decided by market
(c) To make it affordable to the common man
(d) All of the above
Answer:
(c) To make it affordable to the common man

Question 23.
Price is determined at the point, where
(a) Demand of the commodity is high
(b) Supply of the commodity is high
(c) Demand of the commodity and supply of the commodity is equal
(d) None of the above
Answer:
(c) Demand of the commodity and supply of the commodity is equal

Question 24.
Market price is found in
(a) Short period market
(b) Long period market
(c) Very long period market
(d) none of the above
Answer:
(a) Short period market

Question 25.
British economist John Maynard Keynes famous book “The General Theory” was published in which year?
(a) 1926
(b) 1936
(c) 1946
(d) 1956
Answer:
(b) 1936

Question 26.
Which is a central problem of an economy?
(a) Allocation of Resources
(b) Optimum utilization of Resources
(c) Economics development
(d) All of these
Answer:
(d) All of these

Question 27.
Which of the following is a sources of production?
(a) Land
(b) Labour
(c) Capital
(d) All of these
Answer:
(d) All of these

Question 28.
According to whom Economics is a science of human welfare?
(a) A. Marshall
(b) Paul Sameledron
(c) J. S. Mill
(d) Adam Smith
Answer:
(a) A. Marshall

Question 29.
Which of the following is not a factor of production?
(a) Land
(b) Labour
(c) Money
(d) Capital
Answer:
(c) Money

Question 30.
Consumer’s behaviour is studied in
(a) Micro economics
(b) Income theory
(c) Macro economics
(d) None of these
Answer:
(a) Micro economics

Question 31.
Elasticity of demand for necessary goods is
(a) Zero
(b) Unlimited
(c) Greater than unity
(d) less than unity
Answer:
(a) Zero

Question 32.
Law of demand is a
(a) Qualitative statement
(b) Quantitative statement
(c) Both (a) and (b)
(d) None of these
Answer:
(c) Both (a) and (b)

Question 33.
At which time all the factors of productions may be changed?
(a) Short run
(b) Long run
(c) Very long run
(d) All of these
Answer:
(b) Long run

Question 34.
Which is a characteristic of the market?
(a) One area
(b) Presence of buyers and sellers
(c) Single price of commodity
(d) All of these
Answer:
(d) All of these

Question 35.
Source of production are
(a) Land
(b) Labour
(c) Capital
(d) All of these
Answer:
(d) All of these

Question 36.
Who is the founder of Economics Science?
(a) Kautilya
(b) Karlael
(c) William Moris
(d) Charles Dickens
Answer:
(a) Kautilya

Question 37.
Who said, “Economics is the science of Scarcity?”
(a) Robins
(b) Adam Smith
(c) Marshall
(d) J.S. Mill
Answer:
(a) Robins

Question 38.
Who said, “Economics is the science of material welfare?”
(a) Robins
(b) Marshall
(c) J.B. Say
(d) Seenear
Answer:
(b) Marshall

Question 39.
Who is the write of “General Theory of Employment, Interest and Money?”
(a) Pigue
(b) Malthas
(c) J.M. Keans
(d) Marshall
Answer:
(c) J.M. Keans

Question 40.
Which of the following is Real Investment?
(a) To purchase share
(b) To purchase old factory
(c) To construction of buildings
(d) To open a bank A/c
Answer:
(c) To construction of buildings

Question 41.
Source of production is
(a) 5
(b) 6
(c) 7
(d) None of these
Answer:
(d) None of these

Question 42.
Which of the following is the part of money market?
(a) Commercial Bank
(b) Commercial Letter
(c) Co-operative Bank
(d) All of these
Answer:
(d) All of these

Question 43.
World Trade Organisation is establish in:
(a) Washington
(b) New York
(c) Jeneva
(d) None of these
Answer:
(c) Jeneva

Question 44.
The factor of Balance of payment is:
(a) Current A/c
(b) Capital A/c
(c) Both
(d) None of these
Answer:
(c) Both

Question 45.
Micro-economics is the study of:
(a) National income
(b) National Production
(c) A particular firm
(d) All of these
Answer:
(c) A particular firm

Question 46.
In which of the following, that is co-existence of both private and public sector?
(a) Capitalist economy
(b) Socialist economy
(c) Mixed economy
(d) None of these
Answer:
(c) Mixed economy

Question 47.
The concept of production possibility curve is associated with:
(a) Samuelson
(b) Marshall
(c) Hicks
(d) Robbins
Answer:
(a) Samuelson

Question 48.
Which of the following is the example of service:
(a) Work of doctors
(b) Work of teachers
(c) Work of Lawyers
(d) All of these
Answer:
(d) All of these

Question 49.
Which one is economic good in the following?
(a) Television
(b) Air
(c) Sunlight
(d) Water of river
Answer:
(a) Television

Question 50.
Scarcity problem arises because our resources are:
(a) Unlimited
(b) Limited
(c) Sufficient
(d) Vast
Answer:
(b) Limited