Class 12 Economics – Daily Revision MCQ (English Medium)
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Micro economics splits the economy into small individual units and studies each unit separately in detail. This is known as the:
Chapter 1: Introduction to Micro and Macro Economics
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Answer: B. Slicing method
Micro economics uses the slicing method; macro economics uses the lumping method (study of the whole economy).A consumer's total utility from units 1 to 6 of a good is 8, 14, 18, 20, 20 and 18 utils. At which unit does he reach the point of satiety?
Chapter 2: Utility Analysis
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Answer: C. 5th unit
MU = 8, 6, 4, 2, 0, −2. At the 5th unit TU is maximum (20) and MU becomes zero: the point of satiety.The demand for workers in a sugar factory arises because people demand sugar. Such demand for factors of production is called:
Chapter 3: Demand Analysis (3A)
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Answer: D. Indirect or derived demand
Goods needed for further production (factors of production) have indirect, i.e. derived, demand.The price of a commodity falls by 15%, but its quantity demanded does not change at all. The demand is:
Chapter 4: Elasticity of Demand (3B)
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Answer: A. Perfectly inelastic (Ed = 0)
When a percentage change in price has no effect on quantity demanded, Ed = 0, i.e. perfectly inelastic demand.Beyond a certain wage rate, a worker prefers leisure to work, so his hours of work fall even though wages keep rising. This is shown by the:
Chapter 5: Supply Analysis
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Answer: A. Backward bending supply curve of labour
After a point, higher wages reduce the supply of labour (hours of work), so the labour supply curve bends backward: an exception to the law of supply.Mobile service providers and cement companies, where only a few firms dominate the market, are examples of:
Chapter 6: Forms of Market
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Answer: C. Oligopoly
Oligopoly ('oligo' = few, 'poly' = sellers) is a market with a few sellers, e.g. mobile service providers, cement companies.The total of base-year prices of a group of commodities is ₹160 and the total of current-year prices is ₹200. The simple (aggregative) price index number is:
Chapter 7: Index Numbers
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Answer: B. 125
P01 = Σp1 ÷ Σp0 × 100 = 200 ÷ 160 × 100 = 125.A country's GNP is ₹5,000 crore and depreciation of capital assets is ₹600 crore. Its NNP is:
Chapter 8: National Income
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Answer: B. ₹4,400 crore
NNP = GNP − Depreciation = 5,000 − 600 = ₹4,400 crore.For which tax can the taxpayer shift the burden to other persons, so that its impact and incidence fall on different persons?
Chapter 9: Public Finance in India
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Answer: D. Indirect tax such as GST
An indirect tax is levied on goods and services; its burden can be shifted, so impact and incidence fall on different heads (e.g. GST).In the money market, money borrowed or lent for just one day (overnight) is known as:
Chapter 10: Money Market and Capital Market in India
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Answer: D. Call money
Money lent for one day is call (overnight) money; for more than a day up to 14 days it is notice money.
Class 12: MCQ in other subjects
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All questions are written by PadhaiNotes in our own words from the chapters of the official Maharashtra State Board Balbharati textbook (ebalbharati.in). Each question shows its chapter.