MCQ Chapter 1 Economics Class 11 Maharashtra Board Basic concepts in economics 1. Which characteristic of wants indicates they arise repeatedly?Wants are unlimitedWants are recurring in natureWants differ with ageWants differ due to cultureQuestion 1 of 202. How do wants differ according to the text?They remain constant with ageThey are identical across gendersThey differ with age, gender, and preferencesThey are unaffected by seasonsQuestion 2 of 203. Which type of want involves monetary transactions?Non-economic wantsEconomic wantsCollective wantsComfortsQuestion 3 of 204. What is an example of a non-economic want?FoodMedicinesAirClothingQuestion 4 of 205. Which want is satisfied at the individual level?Collective wantEconomic wantIndividual wantLuxury wantQuestion 5 of 206. What is an example of a necessity want?Washing machineAir-conditioned carFoodWell-furnished houseQuestion 6 of 207. What satisfies human wants but has no material existence?GoodsServicesWealthUtilityQuestion 7 of 208. What is the capacity of a commodity to satisfy human wants called?ValueWealthUtilityIncomeQuestion 8 of 209. What is 'value-in-use' according to the text?The price of a commodityThe worth or usefulness of a commodityThe exchange value of a commodityThe scarcity of a commodityQuestion 9 of 2010. What is an example of a commodity with high value-in-use but low exchange value?DiamondWaterTelevisionCarQuestion 10 of 2011. Which commodity is considered a 'free good'?Water processed for drinkingOxygen cylinderSunshineTelevisionQuestion 11 of 2012. What is a characteristic of wealth?It has no utilityIt is abundant in supplyIt is transferableIt is internal to the human bodyQuestion 12 of 2013. What type of transferability involves actual transfer of goods?Notional transferabilityPhysical transferabilityEconomic transferabilitySocial transferabilityQuestion 13 of 2014. Why are inborn qualities like beauty not considered wealth?They are scarceThey lack utilityThey are neither external nor transferableThey have high market valueQuestion 14 of 2015. What is personal income?Income left after taxesEarnings from all sourcesIncome from productive activities onlyFixed income from rentQuestion 15 of 2016. What is personal disposable income (PDI)?Total income before taxesIncome left after paying direct taxesIncome from investments onlyFixed income from wagesQuestion 16 of 2017. Which type of income remains stable over time?Fluctuating incomeFixed incomeResidual incomeUnearned incomeQuestion 17 of 2018. What is an example of unearned income?WagesRentLottery prizesInterestQuestion 18 of 2019. Which economic activity involves the creation of utility?DistributionExchangeProductionConsumptionQuestion 19 of 2020. Which factor of production earns the reward of 'rent'?LaborCapitalLandEntrepreneurQuestion 20 of 20 Loading...
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