MCQ Chapter 1 Economics Class 11 Maharashtra Board Basic concepts in economics 1. What is the reward earned by labor in production?ProfitInterestWagesRentQuestion 1 of 202. Which factor of production is described as a 'produced means for further production'?LandLaborCapitalEntrepreneurQuestion 2 of 203. Who is referred to as the 'real captain of the industry' in production?LaborEntrepreneurCapitalLandQuestion 3 of 204. What does the economic activity of 'distribution' involve?Sale and purchase of goodsDivision of factor rewards among societyUse of goods to satisfy wantsCreation of utilityQuestion 4 of 205. What is a necessary condition for exchange in economics?It must be a non-monetary transactionIt must involve charityIt must be a monetary transactionIt must exclude servicesQuestion 5 of 206. What does consumption involve in economics?Creation of capital assetsDivision of rewardsUse of goods and services to satisfy wantsTransfer of ownershipQuestion 6 of 207. What does 'Macro' mean in the context of Macro Economics?SmallIndividualLarge or aggregateSpecificQuestion 7 of 208. According to Kenneth Boulding, Macro Economics deals with which of the following?Individual pricesParticular firmsNational incomeIndividual incomesQuestion 8 of 209. What does national income measure?Individual earningsTotal income of a countryIncome after taxesIncome from exportsQuestion 9 of 2010. What is saving in the context of Macro Economics?Spending on consumptionIncome set aside for future needsCreation of capital assetsIncome from investmentsQuestion 10 of 2011. What does investment refer to in Macro Economics?Spending on luxuriesCreation of capital assets through savingsDivision of factor rewardsConsumption of goodsQuestion 11 of 2012. What are trade cycles?Stable economic activitiesFluctuations in business due to inflation and depressionConstant price levelsFixed national incomeQuestion 12 of 2013. What is inflation?A continuous fall in pricesA continuous rise in general price levelA stable price levelA decrease in economic activityQuestion 13 of 2014. What type of unemployment is caused by trade cycle fluctuations?Structural unemploymentCyclical unemploymentFrictional unemploymentSeasonal unemploymentQuestion 14 of 2015. What dimension does economic growth have?QualitativeMultidimensionalQuantitativeIrreversibleQuestion 15 of 2016. What does economic development include beyond economic growth?Decrease in national incomeProgressive changes in variables like education and healthStable price levelsReduction in savingsQuestion 16 of 2017. Which concept is multidimensional?Economic growthEconomic developmentNational incomeSavingQuestion 17 of 2018. How is economic growth measured?In terms of agricultural productivityIn terms of national income and per capita incomeIn terms of quality of human lifeIn terms of industrial productivityQuestion 18 of 2019. Which of the following is a characteristic of economic development?It is spontaneousIt is reversibleIt is deliberate and irreversibleIt is unidimensionalQuestion 19 of 2020. Which of the following is part of Macro Economics?Price of a commodityProfits of a firmGlobal povertyIndividual incomesQuestion 20 of 20 Loading...
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