Class XI Eco Test Paper Part I

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Class XI Eco Test Paper Part I - 2021

INTRODUCTION

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1. The law of scarcity: *

1 point

Does not apply to rich developed countries.

Applies only to the less developed countries.

Implies that consumers want will be satisfied in a socialistic system.

Implies that consumers want will never be completely satisfied.

2. Assume that a PPF for butter and guns is drawn so that it is a straight line. It means: *

1 point

Less and Less units of butter are sacrificed to gain an additional unit of gun.

More and more units of butter are sacrificed to gain an additional unit of gun

Same units of better are sacrificed to gain an additional unit of gun.

None of these.

3. Which of these is not an assumption of PPC? *

1 point

Resources are fully and efficiently utilized

Resources in the economy are fixed

There is no change in level of technology

Resources are equally efficient in production of all products

4. In which situation, can PPC Be a straight line: *

1 point

When MRT is decreasing

When MRT is increasing

When MRT is constant

None of these

5. Which of these economic problems deals with the technique of production? *

1 point

What to produce

How to Produce

For whom to Produce

None of these

6. Ramesh is working at a salary of Rs35,000 per month. He receives two job offers: (i) to work As an accountant at as a salary Of Rs30,000 per month; (ii) to work as sales manager at a salary of Rs25,000 per month. In the given case, his opportunity cost will be: *

1 point

Rs25,000

Rs 30,000

Rs35,000

Rs 65,000

7. PPF is concave to the origin because of : *

1 point

Increasing MRT

Diminishing MRT

Constant MRT

None of these

8. An economy operate on PPF when there is: *

1 point

Optimum utilization of resources

Inefficient use of resources

Underemployment of resources

None of these

9. Identify the central problem which deals with deciding the quantity of goods to produced: *

1 point

What to produce

How to produce

For whom to produce

None of these

10. Scarcity refers to limitation of _____ in relation to ________ for a commodity. *

1 point

Demand Sale

Demand Supply

Supply, Demand

None of these

11. The word ‘Economics’ is most closely connected with the word. *

1 point

Free

Scarcity

Unlimited

Restricted

12. A point outside the PPF indicates: *

1 point

Fuller utilization of resources

Unutilisation of resources

Unattainable combination

None of these

13. Opportunity cost is the: *

1 point

Number of units sacrificed

Number of units gained

Cost of next best alternative foregone

None of these

14. Which economic problem involves the selection of a category of people who will ultimately Consume the goods? *

1 point

How to produce

For whom to produce

What to produce

None of these

15. Which of the following will not lead to shift in PPF? *

1 point

Upgradation of technology

Exploration of new oil reserves

Massive unemployment

Destruction of Resources

16. The fundamental economic problem being faced is: *

1 point

Unlimited human wants

Limited wants and unlimited resource

Unlimited wants and scarcity of resources

Limited wants and limited resources

17. Which part of economic theory aims to determine the income and employment level of the Economy ? *

1 point

Microeconomic

Macroeconomics

Neither (a) nor (b)

Both (a) and (b)

18. What will happen to PPF if there is technological upgradation in case of both the goods? *

1 point

Rightward shift in PPF

Leftwards shift in PPF

Rotation of PPF

None of these

19. Answer the following questions with help of the following diagram: (i) Which of the following point represents underutilization of resources? *

1 point

(ii) Which of the following point represents fuller and efficient utilization of resources? *

1 point

None of these

(iii) Which of the following point shows an unattainable combination? *

1 point

20. Labour-intensive techniques are chosen in a: *

1 point

Labour –surplus economy

capital-surplus economy

Developed economy

Developing economy

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