CBSE Questions for Class 11 Commerce Economics Introduction To Microeconomics Quiz 9 - MCQExams.com

Under mixed economy, firms operating in both public and private sectors are left free to adjust their activities to the controlled market forces.
  • True
  • False
Provisional Input tax credit can be utilized against ______________.
  • Any Tax liability
  • Self Assessed output Tax liability
  • Interest and Penalty
  • Fine
The basic economic problems are solved in the public sector of a mixed economy through decision making by the planning authority.
  • True
  • False
In the private sector of a mixed economy, ____________ plays an important role in solving the basic economic problems.
  • price mechanism
  • planning authority
  • government
  • consumers
Consider the following statements and select the correct one/ones using the code given below:
Most economic transactions are in some sense 'positive - sum games'.
But in popular discussion of economic issues, there are often examples of 'mistaken zero-sum mentality'.
At times, profit comes at the expense of wages-higher productivity means fewer jobs, and 'imports mean fewer jobs here' - are the situations of 'mistaken zero - sum mentality'.
  • $$1$$ and $$2$$
  • $$2$$ and $$3$$
  • $$1$$ and $$3$$
  • $$1, 2$$ and $$3$$
Under mixed economy framework, free markets and price mechanism operate under the control and regulation of the government.
  • True
  • False
The 'gilt-edged' market deals in: 
  • bullion
  • worn and torn currency notes
  • Govt. securities
  • Corporate bonds
"Interest is a reward for parting with liquidity' is according to
  • Keynes
  • Marshall
  • Haberler
  • Ohlin
In the parlance of financial investment the term 'bear' denotes.
  • An investor who feels that the price of a particular security is going to fall
  • An investor also feels that the price of a particular share is going to rise
  • A shareholder or a bank holder who has an interest in a company, financial or otherwise
  • Any lender whether by making a loan or buying a bond
Which of the following agencies of Indian Government implements the price support scheme (PSS)?
  • FCI
  • NAFED
  • Agriculture pricing agency of India
  • None of the above
Which of the following is correct about the term 'ex-factory price'?
  • It is 'factory price' added with all indirect taxes of the centre and the state
  • It is the 'ex-showroom price' after deducting the weight of indirect taxes from it
  • It is 'factor cost' added with weight of current rate of inflation
  • None of the above
Consider the following statements about the idea of 'micro-finance' in India and select the correct ones using the code give below:
Micro-finance is a small-scale financial intermediation, inclusive of savings, credit, insurance, business services and technical support provided to the needy borrower.
The thrust of the micro finance initiative is to channelize production and consumption credit in multiple does based on the absorption capacity of the prospective borrower.
It has evolved through following different models at different times - a 'charity based model' to a 'third-based model' and finally to the 'trust and creditworthiness model'.
It was in Australia where evolved the link between microfinance institutions and the formal financial institutions.
  • 1,2 and 3
  • 2,3 and 4
  • 1,3 and 4
  • 1,2,3 and 4
Which of the following statements(s) are true with respect to the concept of "efficient" as used in mainstream economic?
$$1$$. Efficiency occurs when no possible re-organisation of production can make anyone better off without making someone else worse off
$$2$$. An economy is clearly inefficient if it is inside the Production Possibility Frontier(PPF)
$$3$$. At a minimum, an efficient economy is on its Production Possibility Frontier(PPF)
$$4$$. The terms such as 'Pareto Efficiency', 'Pareto Optimality' and 'Allocative Efficiency' are all essentially one and same which denote 'efficiency in resource allocation'
Select the correct answer using the code given.
  • $$1$$ and $$4$$ only
  • $$1$$ and $$3$$ only
  • $$2$$ and $$3$$ only
  • $$1, 2, 3$$ and $$4$$
The problems of customs union are generally studied under the headings of _________________ aspect.
  • Growth and Development
  • Welfare and Development
  • Welfare and Mechanism
  • Growth and Mechanism
Microeconomics does not focus on all of the following except
  • the effect of increasing money supply on inflation
  • the purchasing decisions that an individual consumer makes
  • the effect of an increase in GST on the sale of goods and services
  • the rate of GDP growth rate and employment
Microeconomics focuses on all of the following except the _____.
  • Buying and selling decisions by an individual consumer and seller respectively.
  • Effect of increasing the money supply in inflation.
  • Effect on tobacco sales of an increase in the tax on cigarettes.
  • Hiring decisions made by a business.
During the covid-19 pandemic, there was a nationwide lockdown which led to the migration of labour across states. The state government should have taken the necessary steps to reduce the migration of people. This is a _____.
  • Normative statement
  • Positive statement
  • General statement
  • None of the above
The possibility of third wave of covid-19 pandemic can be reduced by following covid appropriate behaviour. Identify the type of statement from given below.
  • Normative statement
  • Positive statement
  • Both A and B
  • None of the above
In broad terms, the difference between microeconomics and macroeconomics is that _____.
  • They use different schools of thought.
  • Microeconomics studies the effects of fiscal policy on the unemployment rate while macroeconomics does not.
  • Macroeconomics studies the effects of fiscal policy on the price of individual goods and services whereas microeconomics does not.
  • Microeconomics studies decisions of individual people and firms and macroeconomics studies the entire national economy.
All newspaper headlines are positive statements. Choose from the options below.
  • True
  • False
  • Partially true
  • Incomplete statement
Which of the following is also known as theory of income determination?
  • Microeconomics
  • Macroeconomics
  • Statistics of economics
  • None of the above
The following headline appeared in “Hindustan Times” dated $$25th$$ July $$2018$$, “Getting insurance for rain damage cars an uphill task”. This statement is related to  _____.
  • Positive economics
  • Normative economics
  • General economics
  • None of the above
Studying the determination of prices in individual markets is primarily a concern of _____.
  • Negative economics
  • Positive economics
  • Microeconomics
  • Macroeconomics
The central government of India announced relief packages for migrant labourers during the pandemic ofThis statement is in reference to _____.
  • Normative statement
  • Positive statement
  • General statement
  • None of the above
There is no degree of aggregation in microeconomics. Choose from the options below.
  • True
  • False
  • Partially true
  • Incomplete statement
As an economic concept, scarcity applies to _____. 
  • Money but not time
  • Time but not money
  • Both money and time
  • Neither time nor money
Theories of microeconomics and macroeconomics are interdependent. Choose from the options below.
  • True
  • False
  • Partially true
  • Incomplete statement
Choose the correct statement from the given below. 
  • In a centrally planned economy, economic decisions are governed by profit motive as per decision of Central Bank of the country.
  • Normative statements are those which pass value judgement and economic problems as they are.
  • There is limited degree of aggregation present in macroeconomics whereas microeconomics has greater degree of aggregation.
  • Central problems of an economy and problem of choice are two different issues that only mixed economies faces.
The most fundamental economic problem is related to _____.
  • Scarcity of resources
  • Unlimited human wants
  • Both A and B
  • Neither A nor B
Scarcity requires that people must do which of the following things?
  • Trade
  • Cooperate
  • Make choices
  • Competition
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